Ares Management JV Buys Boston Office Property for $110M
- Jun 19, 2019
A joint venture between Accordia Partners and Ares Management Corp., has acquired 2 Morrissey Blvd., a five-building office property in Boston, from Beacon Capital Partners, for $110 million.
The 2 Morrissey Blvd. property is situated on 13.6 acres and has 425,000 rentable square feet fully leased to Santander Bank. Beacon Capital Partners originally acquired the campus in 2017 for $72.7 million.
The buildings are located in Boston’s Dorchester enclave at the JFK/UMass MBTA station, just off of Interstate 93, and only a short drive or train ride to downtown Boston. The property is also directly across from the 20-acre site of the former Bayside Expo Center. The joint venture buying team was chosen to develop this site by the University of Massachusetts earlier this year.
A spokesperson for Accordia Partners said this deal reflects the company’s commitment to the area, which complements its involvement with the Bayside Expo Center.
A Rising Boulevard
Morrissey Boulevard has been a hot topic in the area as of late, as Center Court Partners revealed a three-phase plan earlier this month that would transform the parcels on the street between the former Boston Globe site (at 125 Morrissey) and the Hub 25 buildings into a streetscape of towers with an internal roadway. The plan, which was presented at the Columbia-Savin Hill Civic Association’s monthly meeting, has a lot of support behind it. Additionally, Nordblom Co. is in the midst of developing a tech innovation campus at the former Boston Globe headquarters.
The seller was represented by the Boston Capital Markets team of Newmark Knight Frank, while the joint venture buyers were represented by the firm’s Boston debt & structured finance team. The latter also arranged debt financing on the deal.
In March, a joint venture between real estate funds managed by Ares Management Corp. and EDF Invest acquired the IKB office building in Düsseldorf, Germany, from IKB Deutsche Industriebank.