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Related Beal Acquires Drydock Lease For $146.5M

Dec 20, 2016 | Reprints | Print

Boston-based developer Related Beal has acquired the lease for the 286,000-square-foot 27 Drydock Ave. in the Raymond L. Flynn Marine Park for $146.5 million.

The investment was made on behalf of its Related Real Estate Fund II. The building, owned by the Economic Development and Industrial Corp. of Boston, was previously ground-leased by Zoom Group LLC, an affiliate of North Star Management. The former Army warehouse next to the Innovation and Design Building is 84 percent leased to tenants including Dana Farber Cancer Institute, Ginkgo Bioworks, InviCRO, Emulate Inc. and 908 Devices.

Stephen Faber, an executive vice president for Related Beal, said the company will make “strategic investments” to attract more R&D tenants.

B&T Daily