Newsflash: Need help with an unusual commercial real estate situation.. Unfinished basement in highly desirable area, is it rentable?

Hi /r/realestate, I was hoping to get your take on my unusual commercial property situation. I own an office building in one of the most desirable locations in Boston (.2 miles from South Station), with a currently unused basement level that is over 3000 sq feet. However, the basement needs renovations, only has about 2.5 feet of windows above ground, has some exposed pipes just below the ceiling, and has some unsightly structural pillars. Office buildings nearby are leasing for about $45-50 per square foot, however, those are managed luxury office buildings that are not in a basement.We are currently paying significant property taxes on our basement and are considering renting it out — but that would require a large investment in renovations, and I’m wondering what level of interest and value we would even be able to get. If anyone has any experience or thoughts on this, it would be much appreciated. Thanks!



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