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Beacon Capital Putting Technology Square on Market

CAMBRIDGE, MA-The private real estate investment trust is reportedly seeking more than $100 million for the 551,000-sf complex.

By Joe Clements | Updated on September 20, 2000

CAMBRIDGE, MA-In what appears to be a growing pattern for Beacon Capital Partners, the private real estate investment trust is placing its Technology Square office complex up for sale, just two years after acquiring the four-building, 551,000-sf complex from Prudential Insurance Co. Some sources say the asking price will be in the $110 million range, with Trammell Crow reportedly having been retained to market the space.

The move is the latest in a series of quick turnarounds for the opportunistic firm, which was founded in January 1998 by Alan M. Leventhal and Lionel P. Fortin. The company recently, for example, completed the sale of the Draper Lab building in Cambridge for $68 million. That and the adjacent Technology Square were purchased by Beacon in May 1998 for a total of $123 million. Beacon recently sold 215 First St. in Cambridge for $68 million as well, with that 300,000-sf property also acquired in May 1998.

The hyperactive trading is in sharp contrast to the Beacon Cos., the venerable Boston-based firm that for nearly 50 years dominated the city’s real estate market with its full-service, long-term ownership approach. Founded by Leventhal’s family, the Beacon Cos. was converted to a public REIT in 1995 under the stewardship of Alan Leventhal and Fortin. That vehicle, Beacon Properties Corp., was sold in December 1997 to Equity Office Properties, although Equity owner Sam Zell did not demand a non-compete clause from Beacon’s principals, allowing them to quickly form Beacon Capital Partners.

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