BOSTON-Related Cos. and the Beal Cos. LLP announced Monday the formation of Related Beal, a strategic partnership that will pursue new opportunities in Boston and the surrounding region. Related Beal will leverage Related's national real estate platform along with Beal Companies' local expertise. Related Beal will be the vehicle through which Related Companies and The Beal Companies will conduct all future business transactions in the Boston area.
Established in Boston in 1878, Beal is run by the Beal family's fourth generation, Bruce and Robert, and they will continue to act in their current senior leadership roles in the new partnership. Bruce Beal Jr., president and a general partner at Related, will mark the fifth generation of leadership.
Jeff Blau, CEO of Related, says in the release that the move indicates a vote of confidence in Boston. “We have long believed in the Boston market and see great potential to create a strong pipeline of development and investment deals in the area,” he says. “We also recognize that real estate is a local business, and through Related Beal we will pursue a wide range of development and investment opportunities by leveraging the combined depth of experience of the senior members of Related and Beal, who will now make up the management team of Related Beal.”
The partnership follows a decade of successful collaborations between the two firms, Blau notes in the announcement. “We are proud to formalize our 10-year long partnership. Our first collaboration was initiated by Bruce Beal Jr., my partner. Since that time, the Beal Cos. has not only proven to be a great partner, but a significant source of deal flow and local expertise ensuring we leverage all of our capabilities.”
Related and Beal first partnered on the developments of One Back Bay and the Clarendon. They are currently collaborating on the redevelopment of Lovejoy Wharf and Converse's US headquarters, in addition to pursuing several other potential opportunities in the Boston area.
Related also owns several affordable housing developments in and around Boston and is currently redeveloping 100 Arlington in partnership with Congress Group. The new partnership will not affect the ownership structure of Beal Cos.' existing portfolio.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
