An “end-off” pentadentate compartmental ligand HL has been synthesized by Mannich base condensation using p-cresol and 2-benzyl amino ethanol and structurally characterized. A dinuclear copper(II) complex, namely [Cu₂(L)(μ-OH)(H₂O)(ClO₄)₂], has been prepared by treating HL with Cu(ClO₄)₂·6H₂O in methanolic solution with the aim of investigating its catalytic promiscuity. Single crystal structural analysis reveals that the Cu–Cu separation is 2.9 Å. Catecholase activity of the complex has been investigated in anhydrous DMSO as well as in a DMSO–water mixture with progressively increasing the quantity of water up to a 1 : 1 volume ratio in order to assess the bio compatibility of the catalyst using 3,5-DTBC as a model substrate. In anhydrous DMSO the catalytic activity reaches its peak and decreases with increasing water concentration, a feature most likely due to insolubility of 3,5-DTBQ, the product formed in the catalysis, in water. The complex also shows excellent phosphatase-like activity by exploiting the Lewis acidity, the necessary requirement for that activity, under different pH. Thorough investigation reveals that no activity is observed at pH 6 but the activity increases with increasing pH and attains a maximum at pH 9. A variable temperature magnetic study shows that the two Cu centers are antiferromagnetically coupled at low temperature with a J value of −78.63 ± 1.30 cm⁻¹. In acetonitrile medium the complex shows very exciting behavior. A new transformed ligand is generated that has been assigned as a Schiff-base ligand, 2,6-bis-[(2-hydroxy-ethylimino)-methyl]-4-methylphenol. The genesis of the new ligand is a consequence of dealkylation from HL followed by oxidation. This oxidation is counterbalanced by reduction of Cu(II) to Cu(I) as is evidenced from isolation of [Cu(MeCN)₄](ClO₄) from the mixture followed by X-ray structural characterization of the species.