J. Safra Real Estatereal estate sector J. Safra Groupplans to acquire Faneuil Hall Marketplace, an approximately 365,000 square foot retail and office complex in Boston. Ashkenazi Acquisition Corporation Selling notable landmarks.
Ashkenazy has completed the acquisition of the 63-year ground lease at Faneuil Hall Marketplace. General growth characteristics Back in 2011.The deal was worth $140 million, according to Boston Globe. Ashkenazy also underwrote $98 million in CMBS loans in the pool. Bank of America Commercial Mortgage TrustCommercialEdge data shows.
The long-term lease with the city dates back to the mid-1970s. This property is subject to his 99-year non-subordinated net land lease held by: Boston Planning and Development Agencyexpires in 2074.
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City officials have emphasized the need for physical improvements to the property since Ashkenazi first signed the contract, but it has never been adequately addressed. However, Safra said he has had encouraging discussions with the BPDA regarding a series of upgrades the marketplace requires. These upgrades could cost him close to $45 million. boston globe report.
The mixed-use complex consists of Quincy Market, the North Market Building, the South Market Building, and an annex that houses the Sephora store. Faneuil Hall Marketplace's more than 200,000 square feet of retail space is leased to approximately 80 tenants, including Starbucks, Wagamama, Build-A-Bear, Ben & Jerry's, Urban Outfitters, Black Label Boston, Coach, Kate Spade, and more. I am.
history of national landmarks
Located on the city's historic Freedom Trail, the Faneuil Hall Marketplace complex has been home to downtown Boston since 1827. The retail store takes its name from adjacent Faneuil Hall, although it is not actually part of the property.
Faneuil Hall, built in 1742, served as a meeting space and permanent central market. Due to Boston's rapid population growth, the hall was expanded to include Quincy Market in 1826, and construction of the South Market and North Market buildings was completed a year later.
In 1976, Mayor Kevin White, Jim Rouse, and architect Benjamin Thompson conceived a plan to renovate the historic building that was considered a successful urban renewal. That same year, approximately 160,000 square feet of the complex was repurposed for office use, according to Commercial Edge.
Due to its history and location in the heart of Boston, Faneuil Hall Marketplace is one of Boston's top attractions and considered one of the top 10 tourist destinations in the United States, attracting millions of visitors each year. Customers come.
