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Beacon Capital Partners Dismisses Tech Square Rumors

CAMBRIDGE, MA-The private REIT has received unsolicited offers for the office complex, but company officials say it is not for sale.

By Joe Clements | Updated on September 25, 2000

CAMBRIDGE, MA-Despite rumors to the contrary, Beacon Capital Partners is not marketing its Technology Square office complex for sale, company officials are insisting. Instead, the firm is pushing ahead with two more office buildings at the property, which has four existing buildings and another currently under construction.

“It’s just not so,” Beacon spokesman Alex McCallum says of reports that the firm has hired Trammell Crow to sell the development, purchased by the company in May 1998 for $123 million. McCallum says he believes the rumors are a result of several unsolicited offers made by investors eager to grab a stake in the super-hot East Cambridge office market.

“Beacon has been getting a number of inquiries about its development projects, including Technology Square,” says McCallum. He adds that a similar pattern occurred earlier this summer when the firm purchased 800,000 sf in Boston’s Fort Point Channel district, with several reports emerging that the company was trying to flip those holdings as well. Beacon is currently working on a development plan for that space, McCallum says.

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