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$204M Deal Closes for 23-Acre Seaport District Site

BOSTON-Gale International and Morgan Stanley Real Estate are eying a potential $2.5-billion investment to develop up to six million sf of retail, office and residential properties.

By Beverly Ford | Updated on September 05, 2006

BOSTON-A key 23-acre parcel in the city’s booming Seaport District has been sold for $204 million to a partnership team that includes a local developer and a major New York financial institution.

Gale International, of Boston, and Morgan Stanley Real Estate, say they plan to spend about $2.5 billion to turn the site, acquired from media mogul Rupert Murdoch’s News Corp., into a new neighborhood containing up to six million sf of retail, office and residential properties along the South Boston waterfront.

“This is the most exciting opportunity for the city in a generation,” John B. Hynes III, chief executive officer and managing partner of Gale International, says in a statement. “This land is the heart of the Seaport which in our view, is the future of the city.”

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