Beal Joins With Related Cos
135 years after Abraham Beal established his eponymous CRE development and investment firm in Boston, the Beal Cos will cease to exist as a separate entity by joining forces with the New York-based Related Cos, the two privately held companies announced yesterday. The new entity, Related Beal, will seek investment and development deals in the metro region with brothers Bruce(chairman) and Robert Beal (president above)retaining their positions. Relateds CEO is Jeff Blau. Bruce and Robert are fourth-generation CRE execs and have been partnering with Related--whose president is Bruce Beal Jr.--for 10 years.
The two companies developed The Clarendon in Back Bay and construction is under way on the $200MLovejoy Wharfmixed-use project (above) on the waterfront near North Station. It includes a new HQ for Converse, 100 residences, retail, and parking. Related, which is also redeveloping 100 Arlington with the Congress Group, has a $15B portfolio and $1.5B in assets under management. Beal, an early developer of life science properties in Lexington, Waltham, and Cambridge, is working on the 3.5M SF rebuilding of Quincy Center, where construction will start later this month.
