Adam Burns, Principal, Burns Realty & Investments
In an interview with Invest:, Adam Burns, principal of Burns Realty & Investments, highlighted the firm’s focus on providing comprehensive real estate services, from brokerage to construction and management. He emphasized Burns Realty’s success in converting defunct office spaces into residential units, including the landmark project at 263 Summer Street.
What is Burns Realty’s core mission, and how is the company positioned within Boston’s competitive real estate market?
Burns Realty Investments is just one part of the Burns companies, which I oversee as president. Our core mission is to provide a fully integrated suite of real estate services, covering the entire life cycle of a project from inception to completion. We handle brokerage, both commercial and residential, through Burns Realty, and have two in-house construction companies: Direct Construction Management for third-party projects and Synergy Construction Group for in-house developments. Additionally, we manage properties under BRI Management and develop through Boston Pinnacle Properties.
Our primary focus is multifamily, ground-up construction in Boston. More recently, we’ve shifted toward converting defunct office buildings downtown, which has become a significant part of our business. We engage third-party clients at different stages, whether for construction, brokerage, or management, but remain deeply involved in the full lifecycle of real estate projects.
What are some standout projects Burns Realty has worked on in the past year?
One of our major projects is taking buildings through Boston’s downtown conversions pilot program. We recently completed the conversion of an office building into residential units under this program — the first in Boston to receive approval. Now, we’re working on our second conversion project, 263 Summer Street, known for its iconic red neon sign. We’re transforming the building from underutilized office space into 77 residential units, with plans for ground-floor commercial use, likely a restaurant. Beyond these conversions, we’ve launched a rideshare program at some of our residential buildings, offering residents access to shared electric vehicles. This initiative supports sustainability by reducing the need for parking spaces, aligning with our broader goals of urban efficiency and environmentally friendly development.
Why do you think you’ve succeeded in converting historic buildings where others have struggled?
The downtown conversions pilot program applies to a specific area where the city offers tax abatements, covering 75% of 29 years of taxes. While it doesn’t turn a bad project into a good one, it can help borderline projects succeed. The shape and size of a building are crucial. You can’t repurpose a deep, mid-block building without creating unusable spaces. Adaptive reuse works best when you retain as much of the original structure as possible, like avoiding light wells or keeping stairs and elevators. The building must also meet current residential codes, including seismic and safety standards, and account for ingress, egress, and utility infrastructure. Construction costs remain high post-COVID, and financing is challenging due to rising capital costs. However, with the right building, subsidies and smart policies, these conversions can work. The Massachusetts government is addressing some of these issues, and we hope the federal government will do the same.
How is Burns Realty advising clients and stakeholders to navigate market uncertainties?
Our key advice is simple: don’t chase projects. We’ve always taken a conservative approach, and that’s even more crucial now with tightening job markets and cautious economic indicators. We focus on conservative underwriting and realistic assumptions, avoiding expectations of high rent growth or returns. Instead, we run sensitivity tests, asking questions like, “Can we still cover debt payments if vacancy rates double?” The goal is to plan for the worst, hope for the best and approach every project with clear eyes.
How have sectors like tech, healthcare, and education influenced the real estate market in Boston, and how is Burns Realty adapting to these trends?
There is no new office construction in Boston due to an oversupply of both B- and A-class spaces. Traditional office users — attorneys, architects, engineers — still drive demand, relying on in-person collaboration. Meanwhile, tech companies, once heavily funded by venture capital, have scaled back due to rising capital costs, significantly shrinking their footprints. We also built too much lab space. At one point, spec lab space fetched $125 per square foot, but now millions of square feet sit vacant. Some lab buildings could be converted to residential use if their layouts weren’t so deep. Education remains a key driver, but hiring slowdowns have reduced demand from new graduates for residential spaces in areas like South Boston, Dorchester and Alston.
How do recent projects like 400 West Broadway and the Dorchester Development reflect market trends in Boston?
400 West Broadway is in a prime South Boston location, popular with young professionals in their 20s and 30s. The area is known for its vibrant nightlife, with bars and restaurants often drawing lines that stretch for blocks. To tap into that demand, we’re adding a ground-floor restaurant to the building. What sets this project apart is its rental option in a market dominated by condos, offering a rare opportunity to rent in one of Boston’s most desirable neighborhoods. We’re also incorporating automated parking and a shared electric vehicle through our car-share program to enhance convenience for residents.
In contrast, 115 Boston Street in Dorchester offers a different appeal. Located near the Andrew Square Red Line T station, it provides easy access to downtown Boston. Adjacent to South Bay Plaza, which has evolved into a lifestyle center with apartments, a movie theater and more, this development includes a permanent home for CrossFit Southie, a community gym for over 15 years. We also addressed a local traffic issue by collaborating with a nearby car wash to reroute its queue, reducing congestion in the area. Both projects reflect the market’s demand for transit-oriented, mixed-use developments that cater to young professionals and create vibrant, connected communities.
What role does sustainability play in Burns Realty’s projects, and how does it impact the demand and attractiveness of developments?
Sustainability is essential, but I’ve noticed little buy-in from renters when it comes to choosing buildings based on certifications like LEED Gold or Platinum. Renters don’t usually make decisions based on sustainability. However, homeowners are more likely to value energy efficiency, thinking about long-term benefits for their health and the property’s longevity. From an investment perspective, it’s primarily about cost savings. If sustainability measures can lower operating expenses and offer a good return on investment, investors are more likely to be interested. The financial benefit must be clear to generate excitement.
That said, energy codes are changing, particularly in Boston, making sustainability benchmarks mandatory for many projects. While it might not always be a major differentiator today, sustainability is quickly becoming the standard developers must meet to comply with regulations. One significant shift we’re seeing is the transition from gas to electric and induction cooking in large residential buildings due to new energy efficiency mandates. While some renters may not like it, this is the direction the market is headed.
What are Burns Realty’s top priorities for the next few years, and how does the company see its position evolving within the real estate market?
One of my biggest concerns, and a priority moving forward, is addressing the office space problem. COVID fundamentally changed how we work, and we’re never going to need the same amount of office space as we did pre-pandemic. This is not just about vacant offices — it’s a ripple effect on the economy. Empty office buildings mean lost tax revenue, which impacts city budgets. If banks start taking back properties or selling them at deep discounts, it creates further economic strain.
I feel a strong responsibility to be part of the solution. Residential conversions are one way to repurpose this vacant space, but we also need creative ways to keep downtown vibrant and give people a reason to be there beyond work. Over the next few years, I see myself focusing heavily on office conversions and contributing to keeping Boston’s downtown area alive and active. This problem isn’t going away anytime soon, so it will be a big part of my work moving forward.
