Firm to redevelop nine buildings
Boston University (BU) announced today that it has selected Related Beal to reimagine nine buildings spanning the north side of Kenmore Square, from 648 Beacon Street to 541 Commonwealth Avenue and 11-19 Deerfield Street. Related Beal will lead the redevelopment efforts. The buildings are being acquired through Related Real Estate Fund II, a real estate investment fund sponsored by Related Companies. Once acquired, Related will enter into a long-term ground lease with the university.
“For decades, Boston University has sought to improve Kenmore Square with the goal of making it a safe, appealing, vibrant city hub that complements our campus,” said BU President Dr. Robert A. Brown. “Our earlier strategy was to acquire properties and set a standard for the tenants in the Square. The success of this approach has made the Square more attractive to our students, the community, tenants and developers. The sale of the properties in what we have called the North Parcel to Related Beal has initiated the next stage of the development of the Square. Development by Related Beal will make Kenmore Square even more attractive as a venue for retail and innovation and as a livable neighborhood adjacent to a major university. We look forward to working with Related Beal to help realize this vision.”
“Boston University plays a critical role in Boston's education ecosystem and we are thrilled to be selected to reimagine these key buildings adjacent to their campus,” said Related Beal President Kimberly Sherman Stamler. "This significant location serves as a vital connection between Fenway, the Back Bay and Brookline and we look forward to working with BU, the BRA and the community to create a plan that will contribute to the vitality of Kenmore Square."
Related Beal has a storied history throughout Boston, including the transformation of Lovejoy Wharf into a vibrant, waterfront destination. Lovejoy Wharf includes the redevelopment of the former Hoffman Building at 160 North Washington Street into Converse’s iconic headquarters, a new Harbor Walk that now links Paul Revere Park to the north and the Rose Fitzgerald Kennedy Greenway to the south, connecting a string of open spaces stretching from Charlestown to Chinatown.
Related Beal is also developing 131 Beverly Street and Parcel 1B, the city’s largest affordable and workforce housing project in 25 years, and Congress Square in Boston’s Financial District, repositioning five buildings with nearly 343,000 square feet of vibrant office and retail space.
About Related Beal:
Related Beal is a fully integrated real estate firm focused on development and investment opportunities in Boston and the surrounding region. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in life sciences, commercial and residential development, property management and investment. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including The Clarendon and One Back Bay, Congress Square and the Quinzani Bakery site in the South End. Related Beal also recently commenced construction of Parcel 1B in the Bulfinch Triangle. Slated for completion in 2018, Parcel 1B will be home to a mixed-use development that includes a 239-unit, 100 percent affordable and workforce residential building in downtown Boston. For more information on Related Beal, please visit www.relatedbeal.com.
Related Companies is the most prominent privately owned real estate firm in the United States. Formed more than 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo and Shanghai and boasts a team of approximately 3,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $20 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related Fund Management, a subsidiary of Related, also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices. For more information on Related Companies, please visit www.related.com.
About Boston University:
Founded in 1839, Boston University is an internationally recognized institution of higher education and research. With more than 33,000 students, it is the fourth-largest independent university in the United States. BU consists of 17 schools and colleges, along with a number of multi-disciplinary centers and institutes integral to the University’s research and teaching mission. BU is a member of the Association of American Universities (AAU), a consortium of 62 leading research universities in the United States and Canada.
Colin Riley, Executive Director, BU
Wendy Pierce, SVP