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The BEAT Update 12/21/17

Sale of Boston Globe’s former Dorchester headquarters closes for $81 million

Nordblom Company and Alcion Ventures, who propose to develop The Boston Globe’s former headquarters at 135 Morrissey Boulevard in Dorchester into a hub for high-tech jobs, have acquired the property for $81 million. The sale of the 815,000-square-foot office and industrial building, which stands on 16.5 acres located just off of Interstate 93, amounts to about $99 per square foot. Acore Capital Mortgage LP provided $75 million in financing towards the acquisition.

Nordblom and Alcion plan to construct an urban innovation campus on the property, renovating and reusing the existing building to create 690,000 square feet of creative office space for technology and life sciences companies, light industrial space and food & beverage-oriented retail including a craft brewery. The adjacent Patten’s Cove public park would also be overhauled, and improvements would be made to the connectivity of the Savin Hill neighborhood to the nearby JFK/UMass MBTA Red Line station. The Boston Planning & Development Agency (BPDA) is now reviewing Nordblom and Alcion’s proposed plans for 135 Morrissey Boulevard.

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