Former Boston Globe HQ Lands $362M Financing For Life Sciences Conversion
The massive redevelopment of the former Boston Globe headquarters in Dorchester is getting a major life sciences investment.
Nordblom Co. and Beacon Capital Partners are buying out private equity partner Alcion Ventures in a $362M recapitalization of The Beat, the 700K SF project at the former newspaper headquarters on Morrissey Boulevard, the partners announced Thursday. The partnership also secured a $423M mortgage from Goldman Sachs, according to Suffolk County land records.
“The building works well for life science tenants who appreciate its expansive floor plates, considerable floor-to-floor heights, and Red Line connectivity from Dorchester to Kendall Square and beyond,” Beacon President Steve Purpura said in a statement.
Alcion and Nordblom bought the property in 2017 for $81M after the Boston Globe departed to a downtown headquarters. The partners gutted the building for a massive mixed-use redevelopment.
“We are confident that the Beacon/Nordblom partnership will take full advantage of the extremely strong Boston life science market and continue to deliver on our original vision for the property,” Alcion Ventures Chief Financial Officer and partner Eugene DelFavero said in a statement.
The Beat sits near the JFK/UMass Red Line Station and the Savin Hill MBTA Commuter Rail Station. The developers expect life sciences, medical and tech tenants to move into the 63-year-old building next spring, although no leases have been announced. Amenities will include a food hall, basketball court and 12K SF fitness center, The Boston Globe reported.
The Boston Globe moved to 75K SF at 53 State St., and its printing press moved to Taunton. Nordblom purchased the site after two previous failed deals in a bidding war. The project was designed by Stantec and built by John Moriarty & Associates.