Kenmore Square North
Boston University officially announces Related Beal as Kenmore Square portfolio buyer
In an official press release last Friday (August 12th, 2016) morning, Boston University (BU) officially announced Related Beal as the buyer of BU's nine-building Kenmore Square real estate portfolio. Related Beal will reportedly acquire the nine buildings and enter a long-term ground lease with BU; The Real Reporter reports that the price for Related Beal's acquisition could approach $150 million. The nine existing buildings total 335,000 square feet and span the north side of Kenmore Square from 648 Beacon Street to 541 Commonwealth Avenue and 11-19 Deerfield Street.
"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,” said BU President Dr. Robert A. Brown. “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. 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, said Related Beal President Kimberly Sherman Stamler.