WORCESTER, Mass. — The former Fallon Health headquarters at 24 Elm Street reopens this fall as Altitude, and CHARLESGATE Property Management (CPM) is the operating partner running its lease-up.
An eleven-story office tower has been tastefully converted into 198 studio, one-, and two-bedroom apartments at a project cost of roughly $73 million, the largest office-to-residential conversion in Massachusetts to date, developed by Synergy. The construction is done. What's left is lease-up: whether 198 units actually lease, hold rent, and stabilize before the market moves on.
"On the largest office-to-residential conversion in Massachusetts, we didn't need a vendor; we needed a partner who owns the outcome with us. CHARLESGATE has been that from day one," Said Rachel Kirby Sandeman, Chief Marketing Officer at Synergy, "They tell us what the Worcester market will actually bear, not just what we want to hear, and they've built the lease-up plan around our goals for the asset, not their scope of work. When 198 units have to lease, that honesty and ownership is exactly what you want on your side."
"A project like Altitude deserves nothing but the very best partners to achieve and exceed its pro-forma goals, and we're thrilled to be a small part of what makes this project so impressive and special," said Todd Mikelonis, President of CHARLESGATE Property Management. "Our Team-Powered Operating Model has already taken flight on-site at Altitude: one team, accountable for lease-up from first click to signed lease, not split across a marketing vendor and a leasing office working off different numbers."
After 20+ years of successful lease-ups, CHARLESGATE knows that demand generation of this magnitude happens when leasing, marketing, and on-site operations report to one accountable team rather than being split across vendors. Naturally, CHARLESGATE's in-house marketing and creative agency, Authentic, was the first choice to lead the brand and go-to-market efforts while the conversion was underway.
The numbers on Altitude Worcester:
Public money is betting that converting empty office space into housing works as policy. CPM's job is proving out the operating half of that bet: getting 198 new units leased at a pace that makes the underwriting real.
Worcester celebrates its grand opening ribbon-cutting this fall. To reserve your unit and call Altitude home, visit altitudeworcester.com.
CHARLESGATE Property Management (CPM) is the integrated property management platform for mid-market and institutional multifamily owners. CPM operates a Team-Powered Operating Model (functional specialization with coordinated pods) combined with a Proactive Revenue Leadership engine and a People-First, Tech-Empowered approach to resident experience. The result: institutional rigor without institutional bureaucracy, delivered across markets from New England to Denver.
For more information, visit charlesgate.com.
Synergy is a full-service, vertically integrated company that brings together and cultivates the best people to achieve superior results. They unite experts in investments, services, funding, and hospitality under one roof. Their team's diverse range of talents and backgrounds combine to deliver more. Synergy has a block-by-block understanding of the greater Boston market, which gives your business an on-the-ground advantage. With Synergy, you can have confidence that all your objectives will be met, right here, in-house, by the experts you trust.
For more information, visit synergyboston.com.
Authentic fuses brand, marketing, and leasing into one senior-led team, built to accelerate lease-up and maximize returns for boutique multifamily properties. Since 2013, they've launched 150+ projects across 35+ markets, earning a 95% return-client rate along the way.
For more information, visit authenticff.com.