Related Companies, one of the nation’s most prolific real estate development and investment firms, and The Beal Companies, LLP, one of Boston’s most prestigious real estate development and investment firms, today announced the formation of Related Beal, a strategic partnership that will pursue new opportunities in Boston and the surrounding region. Related Beal will leverage Related’s national real estate platform and The Beal Companies’ storied local expertise. Related Beal will be the vehicle through which Related Companies and The Beal Companies will conduct all future business transactions in the Boston area. Established in Boston in 1878 by Abraham B. Beal, The Beal Companies is one of the oldest and most respected real estate investment and development firms in the region. Bruce A. Beal and Robert L. Beal represent the family’s fourth generation to run the company and will continue to act in their current senior leadership roles in the new partnership, extending the legacy of the celebrated company. Bruce A. Beal Jr., President and a General Partner at Related Companies, will mark the fifth generation of leadership.
Jeff T. Blau, CEO of Related Companies said, “We are proud to formalize our 10-year long partnership with the creation of Related Beal. Our first collaboration was initiated by Bruce Beal Jr., my partner and Related Companies’ President. Since that time, the Beal Companies has not only proven to be a great partner, but a significant source of deal flow and local expertise ensuring we leverage all of our capabilities. We have long believed in the Boston market and see great potential to create a strong pipeline of development and investment deals in the area. We also recognize that real estate is a local business, and through Related Beal we will pursue a wide range of development and investment opportunities by leveraging the combined depth of experience of the senior members of Related and Beal who will now make up the management team of Related Beal.”
Bruce A. Beal, Chairman of Related Beal, and Robert L. Beal, President of Related Beal, said, “We are delighted to formalize our partnership with Related Companies. Through Related Beal we will be able to expand our capabilities and our appetite for new development and acquisition deals, as well as better leverage Related’s vast access to capital and expertise.” Related Companies and The Beal Companies first partnered on the highly successful developments of One Back Bay and The Clarendon. They are currently collaborating on the redevelopment of Lovejoy Wharf and Converse’s U.S. Headquarters in addition to pursuing several other potential opportunities in the Boston area. Related also owns several affordable housing developments in and around Boston and is currently redeveloping 100 Arlington in partnership with Congress Group.
Related Beal will continue the philanthropic legacy of The Beal Companies in Boston and the long-standing commitment of Related to support the communities in which the company invests and builds. Related Beal will continue to be headquartered at 177 Milk Street in Boston’s Financial District. The new partnership will not affect the ownership structure of The Beal Companies’ existing portfolio. About Related Companies: Related Companies is the most prominent privately-owned real estate firm in the United States.
Formed 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and an existing portfolio of real estate assets, valued at over $15 billion, made up of best-in-class mixed-use, residential, retail, office and affordable properties. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 26-acre Hudson Yards project on Manhattan’s West Side. Related also manages over $1.5 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices.
Related is staunchly committed to sustainable design with over $10 billion in green development underway or completed. Related also owns Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering, and a partnership interest in Union Square Events, the catering, culture, sports, and events business of Danny Meyer’s Union Square Hospitality Group. For more information about Related Companies please visit www.related.com.
About The Beal Companies: The Beal Companies, under the direction brothers, Bruce A. Beal and Robert L Beal for the last half century, has a long established reputation as an innovative leader in the real estate development and management industry in the Metro Boston Area. The brothers, who are long-time Boston residents, have partnered together in all forms of development, including office, R & D and residential. They pioneered the condominium form of ownership in Massachusetts, beginning in Cambridge and then in Boston. They were also the first developer to venture into life science with significant developments in Lexington, Waltham and East Cambridge. The Beal reputation has been built on generations of serving its partners, investors, clients and tenants. Through the last quarter of the 1800’s and through the 20th century to today, Beal has been in continuous operation as a privately held company. Today, as much as any time in its past, Beal is an active, successful participant in Greater Boston's commercial real estate marketplace. During a 12-month period from 2006-2007, Beal completed $1 billion dollars of transactions for its own account. In 2008, Beal was awarded the Commercial Brokerage Association award of the Year for its creative negotiation of a 104,000-square-foot JP Morgan Chase lease in its building, the Seaport Center. In 2009, NAIOP awarded Beal their Distinguished Real Estate Award. Beal recently completed 800 Huntington Ave., which has been leased on a long-term basis to Massachusetts Eye and Ear Infirmary. Beal presently is involved with Street Works in the 3.5 million-square-foot development known as The New Quincy Center in the heart of Quincy. Bruce Beal and Robert Beal, following their family’s example, are extensively involved in the non-profit community throughout greater Boston, supporting and endowing chairs at The Boston Museum of Fine Arts, Harvard University, The Boston Symphony Orchestra, The Angell Memorial Hospital, The United Way and The Combined Jewish Philanthropies (CJP), as well as serving on numerous boards of such institutions. ###