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The City of Boston, Related and Beal celebrate The Clarendon topping off

450 construction jobs, green building practices recognized Boston Redevelopment Authority Director John Palmieri, The Beal Companies, Related Companies, and Bovis Lend Lease celebrated the work of the construction team today at the topping off ceremony for The Clarendon, Boston's newest residential development in the Back Bay. The Clarendon, a joint venture between industry leaders Related Companies of New York and The Beal Companies of Boston, has created 450 construction jobs and is expected to be LEED-certified at the Silver level. The project will also create about 100 permanent jobs and represents a $200 million commitment to the city of Boston.

There will be more than three dozen affordable homes in the building. Construction on the thirty three story classically elegant tower will be completed and ready for occupancy in late 2009.

"This milestone at the Clarendon represents great news for the City of Boston. This important development project will provide much needed jobs, tax revenue and affordable housing to the residents of our city," said Mayor Thomas M. Menino. "I want to thank the Beal Companies and Related Companies for meeting the practices of sustainable building at the LEED Silver level. The building is an exciting and welcome addition to the marketplace."

The Clarendon is designed by world-renowned Robert A.M. Stern Architects in their first residential project in the city of Boston and will feature panoramic views of the downtown skyline, the Charles River, and Boston Harbor. In addition to the 103 graciously appointed one-to four-bedroom condominiums, starting on the 15th floor, there are also 178 rental residences. The Clarendon will also include an on-premise signature restaurant and a gourmet market operated by American Food Management, the group founded and owned by Ken Himmel, President and CEO, of Related Urban, who also owns the nearby Grill 23 and Bar.

"We are pleased that the City of Boston, who was instrumental in our completion of this project, was able to join us today to celebrate the hard work of the construction team and the economic development that this project creates," said Bruce Beal, Sr., Chairman, The Beal Companies.

The Clarendon is the Related Companies' first residential project in the Boston area, bringing New York-style amenities and services to this city. Related has partnered with The Beal Companies, a full-service, century-old, locally-based real estate firm, ensuring that the area?s deep traditions are respected. The Clarendon is not only a development with a merger of firms but also a merger of family. Bruce Beal, Jr. is an Executive Vice President and partner at Related Companies and a driving force behind making the collaboration a reality.

"Related is thrilled to be offering this highly sought-after property as our first development in Boston," said Bruce Beal, Jr.

"Today's milestone is a testament to a tremendous public-private partnership and we are proud to have worked with the City of Boston and the Boston Redevelopment Authority to bring this development from paper to what we see here today."

Related Sales LLC is the exclusive marketing and sales agents for the residences at The Clarendon. The Sales and Design Gallery is located at 14 Newbury Street. For more information visit www.theclarendonbackbay.com.

 

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About Related Companies Heralded as one of the most prolific and visionary developers in the country, Related Companies was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, with divisions in development, acquisitions, property management, marketing and sales. Related, headquartered in New York City, has offices and major developments in Aspen/Snowmass, Boston, Chicago, Los Angeles, Las Vegas, Phoenix, San Francisco and South Florida and boasts a team of more than 2,000 professionals.

The Beal Companies The Beal Companies is a full service real estate firm actively pursuing investment opportunities in all segments of the real estate industry. Since 1888, the Beal family has built an enviable reputation with projects and advisory services not only in Boston, but throughout the United States as well. The company boasts a keen eye for value, as well as the ability to move quickly in creating that value. Through extensive experience in problem-solving skills, The Beal Companies have established a very strong financial position, while remaining committed to a deep community involvement. Activities include the acquisition and development of commercial, historic and residential properties, asset management, brokerage and consulting, appraisal and tax assessment, as well as financing and construction management services. For more information visit www.bealco.com.

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