BOSTON & NEW YORK–(BUSINESS WIRE)–A joint venture between Accordia Partners and real estate private equity
funds managed by affiliates of Ares Management Corporation (NYSE: ARES)
announced today the acquisition of 2 Morrissey Boulevard in Boston, MA
from affiliates of Beacon Capital Partners.
The site at 2 Morrissey includes five buildings with a total of 425,000
rentable square feet. The property is fully leased to Santander Bank
under a long-term lease. Located in the Dorchester enclave of Boston at
the JFK/UMass MBTA station, 2 Morrissey is across the street from the
20-acre site of the former Bayside Expo Center. Accordia Partners and
Ares Management were selected by the University of Massachusetts earlier
this year to develop the Bayside Expo Center site.
“This purchase reflects our commitment to and interest in this area.
With proximity to transit, the waterfront and the talent assets of UMass
Boston, we are confident that this neighborhood is a strong investment,”
said Dick Galvin and Kirk Sykes of Accordia Partners.
“This transaction for 2 Morrissey reflects our confidence in the
long-term growth and development of the Dorchester neighborhood,
especially given the tremendous increase in employment across greater
Boston,” said Andrew Holm, Partner in the Ares Real Estate Group. “Ares
is excited to continue to work with Accordia and other stakeholders to
capitalize on this significant opportunity.”
Newmark Knight Frank’s Boston Capital Markets team served as advisor on
the transaction on behalf of the seller, and its Boston Debt &
Structured Finance team represented the buyers in arranging debt
financing for the transaction.
About Accordia Partners
Accordia Partners, LLC (MBE) was formed in September 2014 with the
intent of pursuing large, complex, urban real estate development
projects within Boston. Led by partners Kirk Sykes and Richard Galvin,
Accordia Partners has a combined 60 years of development experience in
the Boston market. A core component of Accordia’s mission is to leverage
the scale of these urban projects in order to increase the level of
inclusion and diversity within the real estate, design, and construction
industries. Accordia’s projects create opportunities in equity,
employment, and education for all of Boston’s citizens.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global
alternative asset manager with approximately $137 billion of assets
under management as of March 31, 2019 and 18 offices in the United
States, Europe, Asia and Australia. Since its inception in 1997, Ares
has adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.
For Ares Management Corporation:
Bill Mendel, 212-397-1030
Carl Drake, 800-340-6597