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A 5-story building near South Station is headed to auction
The sale comes as downtown Boston’s office and retail markets struggle to recover their pre-pandemic value.
A five-story office building just steps from South Station will be auctioned on Nov. 5. Paul E. Saperstein Co. Auctioneers & Appraisers is listing the 98,000-square-foot property at 99 Bedford St.
The building, which dates back to 1899, houses five tenants and features a renovated lobby completed in 2020. Ground-level tenants include Forefront Eye Care and TALK English School, while state filings show that Korb & Associates PLLC also leases office space in the building.
According to the Boston Assessor’s Department, Credit Suisse Asset Management owns the property. UBS Asset Management acquired the Swiss bank in 2024. The building has an assessed value of $22.4 million, down from $27.8 million two years ago.
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Mass Land Records show that the building’s mortgage, which initially had a $31 million principal, is set to be foreclosed. The owners purchased the property in November 2019 for just over $50 million.
The auction comes as other office buildings in downtown have lost value.
In April, Synergy acquired a 32-story tower at 99 High St. for 17% less than the previous owner paid two decades ago. The company also acquired 101 Arch St. for 36% less than the building’s prior purchase price, 1 Liberty Square for 17% less, and 179 Lincoln for 40% less.
A Downtown Crossing building at 399 Washington also recently sold for one-fifth of its pre-pandemic price.
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