"Property developers Beal Cos. to partner with Related of N.Y." by Casey Ross | Globe Staff, April 06, 2013
The Beal Cos., one of Boston’s oldest and most prolific real estate firms, is joining forces with Related Cos. of New York to create a new venture that promises to be a powerhouse of local property development....
With all the tax breaks Ma$$achu$etts can provide.
In many ways, the new partnership simply formalizes a longstanding relationship between the firms. Beal’s son, Bruce Beal Jr., is president of Related Cos., where he has worked for 18 years. Previously, Related and Beal developed the Clarendon, a luxury residential tower in the Back Bay.
Executives said their partnership will result in significant benefits for both firms. Beal will get deeper pockets and a broader investment reach through its relationship with Related, which has $15 billion in assets and offices in many US cities as well as international locations such as Shanghai, Abu Dhabi, and Sao Paulo.
Related will get the Beal Co.’s Boston connections and entree into the fast-growing biotechnology sector.
Kind of ruin$ my day. Yeah, let's throw more money at the job-cutting, profit-making pharmaceuticals.
Beal was among the pioneers in developing space for life sciences companies in the region. It owns the massive One Kendall office and retail complex in Cambridge’s Kendall Square. The Beals recently explored a sale of that property but opted to keep in their portfolio.
Oh, now I understand why there is always so much Kendall Square crap in my new$paper.
Executives said they are looking at a number of opportunities in Boston and neighboring communities.
“It’s a great time for Boston when you think about all that is happening,” said Bruce Beal Jr. “A lot of money has been put into improving the local infrastructure, and now you’re seeing developers come out of the ground with new projects.”
It's good for some sections and some classes, but....
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Established in Boston in 1878 by Abraham B. Beal, the Beal Cos. has many distinguished properties to its credit....
I'm not even going to type it.
Related also manages over $1.5 billion of equity capital for sovereign wealth funds, public pension plans, and other investors.
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