Related Beal Will Redevelop Kenmore Square Properties For BU
Boston University tapped Related Beal to reimagine its block of Kenmore Square properties, which runs from 648 Beacon St to 541 Commonwealth Ave and 11-19 Deerfield St in Boston’s Fenway neighborhood. Related Real Estate Fund II, a fund sponsored by NY-based Related Cos, will acquire the properties and establish a long-term ground lease with BU, the Boston Business Journal reports. Related's cost was not disclosed.
BU said in January that it wanted to sell the nine Kenmore Square properties, and tasked Newmark Grubb Knight Frank to find buyers. One question: What will happen to the iconic Citgo sign, which is atop 660 Beacon St? The buyer is mum on that, but last month, the city’s landmarks commission accepted a petition to consider the sign for landmark status. [BBJ]