10 Milk Street is a 250,000 square foot office building including 20,000 square feet of prime ground floor retail space located in Boston’s Financial District. At the time of its acquisition it was a tired, under-managed asset with over 100 small office tenants, under-utilized retail space and an outdated physical plant.
RAK’s strategy was to reposition this superbly located building from a tired “C” building to “best of the B’s.” The property, which has access from two major downtown streets, was immediately “re-branded” by changing the address from 294 Washington Street to 10 Milk Street (a more prestigious office address). RAK immediately recognized the key drivers that made 10 Milk Street a desirable acquisition-great light and air exposure with permanently protected views, an irreplaceable office location in Boston’s Financial District, high pedestrian traffic required for urban retail repositioning, and the potential for repopulating the building with quality office tenants via major capital improvements in a rapidly improving office market.
The renovation program for this 1903 building was ambitious. It included a new, reconfigured main lobby, electrical upgrades, a complete elevator modernization, the installation of a central air conditioning system, new windows, and new tenant build outs. The retail space was completely re-tenanted, achieving the highest rents for its competitive market at that time. Office space was selectively vacated to assemble full floors for high quality new tenants, while maintaining multi-tenant floors to be able to serve smaller and mid-sized occupants.
Today 10 Milk Street is a top of the market B class office building in Boston CBD.