One day before a market just a few blocks from Fenway Park was set to close, a big-time Fenway developer and landlord agreed to take over the Time Out Market food hall.

Samuels & Associates agreed to assume management of the food hall on the ground floor of Alexandria Real Estate Equities' 401 Park Drive, Samuels announced Thursday. It plans to enter an agreement with Alexandria to operate the 27K SF hall and keep its 15 vendors.

The Fenway developer plans to license the Time Out name from the brand.

The move is being praised by political and local leaders, including Mayor Michelle Wu, who emphasized the importance of the food hall on the Greater Boston economy.

"Every great city needs great food halls, and Time Out Market in Fenway has been a needed gathering space and economic hub showcasing our local culinary talent to residents, coworkers, and visitors from around the world," Wu said in a statement.

Samuels first recruited Time Out Market to the Boston area in 2019.

The developer sold the building in 2021 as part of a $1.5B deal with Alexandria. ARE is redeveloping the home to 401 Park Drive, Landmark Center, through a three-phase project.

The group behind Time Out Market Boston announced last week that it planned to close the venue and a similar one in Chicago, citing a slowdown in foot traffic coming out of the pandemic. The food hall was set to close Jan. 23.

The Chicago location is still set to close Friday.

Samuels said it hopes to better connect the community with the food hall moving forward.

"Over more than two decades, we’ve built collaborative relationships with locally owned restaurants across our portfolio by approaching these spaces as creative partnerships — focused on thoughtful programming, connectivity, and driving foot traffic throughout the day and across seasons," Samuels co-President Peter Sougarides said in a statement.

Samuels has owned and developed property throughout the Fenway neighborhood for more than two decades, including the redevelopment of Landmark Center, Fenway Triangle Trilogy, The Verb Hotel and 1330 Boylston St.

The developer also completed its Lyrik office project, a 450K SF air rights project over the Massachusetts Turnpike.