Boston-based Related Beal is a finalist to buy a 335,000-square-foot real estate portfolio owned by Boston University in Kenmore Square, according to a published report.
The nine-building portfolio includes 660 Beacon St., home of the rooftop Citgo sign that is being reviewed for potential landmark status and legal protection.
The Boston Landmarks Commission last week voted to begin a study of the 360-square-foot neon sign’s architectural and historic significance. If the commission endorses landmark status, Mayor Martin Walsh and the Boston city council also would need to approve the designation. That would give the commission review power over changes to the property. Development proposals filed before the landmark designation would only be subject to a Boston Redevelopment Authority review.
BU spokesman Colin Riley declined to comment on the university’s criteria for selecting a buyer or whether it will ask for commitments to retain the sign.
“The process to sell the Kenmore Square properties is complex and continues to move forward. BU has a long-term interest in the ongoing development of Kenmore Square and the possible sale of these properties does not change that,” Riley said in a statement.
BU selected the Boston office of Newmark Grubb Knight Frank to market the properties in January. In addition to 660 Beacon, the World War I-era properties include 648 Beacon St., 541 Commonwealth Ave. and 11-19 Deerfield St. and house office space and such ground-floor tenants as Barnes & Noble and Bertucci’s. The sales price could top $145 million, according to a story in The Real Reporter.
Related Beal declined to comment on its potential acquisition of the properties. The company is active in a variety of new construction and redevelopment projects in Greater Boston including newly-renovated life science space at Ledgemont Technology Center in Lexington, workforce housing development and hotel under construction near North Station and renovations to former Fidelity Investments offices in the Financial District. Most recently, it paid $25 million last week to buy a 46-room hotel at 170 Charles St. in Beacon Hill, as it studies options for the property and a neighboring garage it bought last summer for $40 million.
