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Related Beal Expands Life Sciences Portfolio, Reacquires Boston Asset for $276M
Boston-based Related Beal acquired 451 D St., a 477,000-square-foot office and laboratory building in Boston’s Seaport District for $276 million. A joint venture between Related Cos. and the Beal Cos., Related Fund Management, purchased the nine-story asset from a venture of Meritage Properties, GE Asset Management and Commonwealth Ventures.
Related Beal, which previously owned the 85%-leased building before selling it in 2012, plans to invest in 451 D’s infrastructure, with an eye toward attracting future life-science tenants. It plans to convert some vacant office space to labs. The property is home to such tenants as Alion Science & Technology, RDK Engineers and JPMorgan Chase.
Related Beal’s Stephen Faber says, “The Seaport continues to grow as a hub for innovative companies who are doing groundbreaking research. This reacquisition underscores the value we see in this neighborhood now and in the future.”
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