Related Companies Forms Strategic Partnership With Boston-Based Beal
Al Barbarino April 8, 2013, 2:03 p.m.
Real estate development and investment firms Related Companies and Boston-based The Beal Companies, LLP have formed Related Beal, putting a name on an existing 10-year partnership that will push ahead towards growth opportunities in the Boston area.
The firms first partnered on two Boston-based residential developments several years ago, One Back Bay and The Clarendon; and they are currently collaborating on the redevelopment of Lovejoy Wharf and Converse’s U.S. Headquarters.
“We are delighted to formalize our partnership with Related Companies,” brothers Bruce and Robert Beal, chairman and president of Related Beal, respectively, said in joint statement. “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.”
Established in Boston in 1878 by Abraham Beal, The Beal Companies is one of the oldest real estate investment and development firms in the region. Bruce and Robert Beal represent the fourth generation of Beals to run the company and will continue to act in their current senior leadership roles; while Bruce Beal Jr., president and a general partner at Related Companies, will retain that title.
Related Companies has developed mixed-use projects such as Time Warner Center in New York and developing the 26-acre Hudson Yards project on Manhattan’s West Side. The firm 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.
“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,” Jeff Blau, CEO of Related Companies, said in a statement. “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.”
Related Beal will be headquartered at 177 Milk Street in Boston’s Financial District, the current offices of The Beal Companies and the new partnership will not affect the ownership structure of The Beal Companies’ existing portfolio.
The Beal Companies recently completed 800 Huntington Avenue, which was leased on a long-term basis to Massachusetts Eye and Ear Infirmary and is a partner in the 3.5 million-square-foot The New Quincy Center development in Quincy, Mass.
Executives at the companies could not be reached for further comment.