The developers of the former Bayside Expo Center site are expanding their footprint around Columbia Point. Accordia Partners and Ares Capital closed on the 2 Morrissey Blvd. property, currently home to a Santander Bank, on Monday.
“This purchase reflects our commitment to and interest in this area. With proximity to transit, the waterfront and the talent assets of UMass Boston, we are confident that this neighborhood is a strong investment,” said Dick Galvin and Kirk Sykes of Accordia Partners in a statement.
According to Suffolk Registry of Deeds records, the new owners of 2 Morrissey paid $110,000,000 for the parcels, which include five buildings and a total of 425,000 rentable square feet.
It is fully leased to Santander Bank under a long-term lease, according to the Accordia statement.
“This transaction for 2 Morrissey reflects our confidence in the long-term growth and development of the Dorchester neighborhood, especially given the tremendous increase in employment across greater Boston,” said Andrew Holm, Partner in the Ares Real Estate Group. “Ares is excited to continue to work with Accordia and other stakeholders to capitalize on this significant opportunity.”
The University of Massachusetts tapped Accordia and its capital partner, New York-based Ares Capital Corp. in February to lease and transform a prime 20-acre site on the Dorchester waterfront. The deal will fetch up to $235 million for the UMass Boston campus.
The site sits across from a stretch of Morrissey primed for transformation over the next decade. Nordblom Co. expects to have a completed tech innovation campus (The BEAT) at the former Boston Globe headquarters next spring, and Center Court Partners are early in the process of pitching residential towers for several parcels between The BEAT and the Hub 25 building.
Accordia has already been a party to stakeholder conversations about the future of the Columbia Point area, according to Center Court management.