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Sat, Oct 19
A Compendium of Property & Capital News
Oct 19
A Compendium of Property & Capital News

JV Between Accordia and Ares Acquires Santander HQ on Morrissey Blvd for $110M

June 17, 2019

BOSTON–Developers of the former Bayside Expo Center continue expanding their Morrissey Boulevard footprint with the purchase of 2 Morrissey, the current Boston headquarters of Santander Bank. The joint venture between Accordia Partners and real estate private equity funds managed by affiliates of Ares Management Corporation have acquired the 5-building, 425,00 sf campus from affiliates of Beacon Capital Partners. Beacon, as first reported in Real Reporter, outbid several in 2017, winning the building at a price just above $72 Million.

The property is fully leased to Santander Bank under a long-term lease. Located across from the JFK/UMass MBTA station, 2 Morrissey is adjacent to the 20-acre site of the former Bayside Expo Center. Accordia Partners and Ares Management were selected by the University of Massachusetts earlier this year to develop the Bayside Expo Center site.

“This purchase reflects our commitment to and interest in this area. With proximity to transit, the waterfront and the talent assets of UMass Boston, we are confident that this neighborhood is a strong investment, ”said Dick Galvin and Kirk Sykes of Accordia Partners.

“This transaction for 2 Morrissey reflects our confidence in the long-term growth and development of the Dorchester neighborhood, especially given the tremendous increase in employment across greater Boston,” said Andrew Holm, Partner in the Ares Real Estate Group. “Ares is excited to continue to work with Accordia and other stakeholders to capitalize on this significant opportunity.”

Newmark Knight Frank’s Boston Capital Markets team served as brokers on the transaction on behalf of the seller, and its Boston Debt & Structured Finance team represented the buyers in arranging debt financing for the transaction.

Andrew Holm Kirk Sykes Dick Galvin