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Related Fund Management sells 15 and 19 Congress Street to Thibeault Development

Related Fund Management, a subsidiary of Related Companies that manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments and family offices, announced today the sale of 15 and 19 Congress Street to Thibeault Development, a privately held, multi-platform real estate company that operates throughout New England with a strong presence in downtown Boston. 15 and 19 Congress Street total 54,461 square feet, and contribute to Related Beal’s master redevelopment plan for Congress Square located at the nexus of Boston’s Financial District, Faneuil Hall, Government Center, and Downtown Crossing.

This ideal location offers immediate access to the MBTA State Street, Aquarium and Park Street stops. In 2013, Related Fund Management purchased five buildings that previously served as Fidelity Investments’ headquarters: 40 Water, 15 Congress, 19 Congress, 68 Devonshire, and 54 Devonshire—to be redeveloped by Related Beal. Working with Boston-based architecture firm Arrowstreet, Related Beal is transforming this key intersection to offer a dynamic, 24-hour, mixed-use environment with marquee office, residential, hotel and retail space.

Related Beal is enlivening Congress Square with more than 35,000 square feet of retail, bringing bold vision to an iconic address through storefronts and the revitalization of Quaker Lane. Quaker Lane, formerly an underutilized alley at the top of Post Office Square, will offer an exceptional reimagined pedestrian way and retail destination lined with boutiques, indoor and outdoor cafes, restaurants, and attractions.

“Congress Square is an extraordinary redevelopment opportunity that will activate Congress, Devonshire and Water Streets with a mix of uses. The residences that Thibeault is developing at 15 and 19 Congress Street contribute greatly to our vision of Congress Square as a dynamic addition to Boston's downtown,” said Stephen Faber, an executive vice president at Related Beal.

“We are delighted to add 15 and 19 Congress Street to our downtown portfolio. We are excited with the master plan for Congress Square that Related Beal has developed and are looking forward to being a part of bringing it to fruition. Congress Square is very much in line with our investment emphasis on integrated mixed use development in downtown Boston,” said Billy Thibeault, Principal at Thibeault Development. Thibeault Development plans to transform 15 Congress and 19 Congress Street into residences with approximately 5,750 square feet of street-level retail and restaurant space with immediate access to Quaker Lane.

Other elements of Related Beal’s redevelopment of Congress Square include:

  • 40 Water Street: once separate buildings with addresses of 82 Devonshire Street and 33-35 Congress Street, 40 Water Street is being transformed into one cohesive building with six and a half new stories of curtainwall office space and a single modern core. 40 Water Street features an innovatively designed glass addition with office and outdoor green space, and a double-height lobby with direct access to the newly reimagined Quaker Lane and Water Street. Related Beal is executing this best-in-class preservation of a landmarked property including efficient and versatile floor plates, active rooftops, and retail/restaurant space on the lower levels and ground floor. The project maintains the buildings’ best attributes of their proud architecture while transforming into an efficient modern property highly desirable to innovation-economy growth tenants.
  • 68 Devonshire Street consists of the existing 68 Devonshire building and a new addition to be constructed on the adjacent vacant lot located at 54 Devonshire Street. The plan for this site includes an approximately 165-key boutique hotel and related uses. The location of these properties was known as Congress Square when they were first built between 1899 and 1921. Biria St. John, executive vice president and partner at CBRE New England, represented Related Beal in this sale.

 

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About Related Beal Related Beal is a fully integrated real estate firm focused on development and investment opportunities in Boston and the surrounding region. Related Beal leverages a national real estate platform with expertise across all asset classes and storied local experience in life sciences, commercial and residential development, property management and investment. Related Beal has developed, and is undertaking the development of, some of the most recognized buildings in the area including The Clarendon, One Back Bay, and the Quinzani Bakery site in the South End. Related Beal also recently commenced construction of Parcel 1B in the Bulfinch Triangle. Slated for completion in 2018, Parcel 1B will be home to a mixed-use development that includes a 239-unit, 100 percent affordable and workforce residential building in downtown Boston. For more information on Related Beal, please visit www.relatedbeal.com

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