Image courtesy of Aram Boghosian
Boston-based Samuels & Associates will operate the Fenway Time Out Market under a licensing agreement, staving off its planned closure this week.
London-based parent Time Out blamed declining foot traffic in the Fenway neighborhood for its decision to close the 401 Park Drive food hall, which opened in 2019 and currently has 15 vendors.
Samuels & Associates, which recruited the food hall to the property, will operate the facility. Boston Mayor Michelle Wu urged Samuels to step in and avert the closure, The Boston Globe reported Thursday, and praised the developer for stabilizing the neighborhood’s dining options.
“I’m grateful for the swift leadership from Steve Samuels and our Fenway community to ensure this will continue to be a bright spot in Boston’s food scene and the Fenway neighborhood,” Wu said in a statement.
Samuels has been the neighborhood’s most active developer in recent decades, building high-rise apartments, condominiums, a hotel and office buildings in the corridor between Kenmore Square and Audubon Circle.
“Time Out Market is an important neighborhood amenity and an essential part of what makes Fenway work. It serves residents, students and employees at the colleges of the Fenway, the Longwood Medical Area workforce, and the many people who work in Fenway’s offices and businesses, while also helping balance the activity generated by sports, music, and entertainment venues nearby,” CEO Steve Samuels said in a statement. “Recognizing this, we moved quickly to find a path forward.”
Samuels sold the property, formerly known as the Landmark Center, to Alexandria Real Estate Equities, the nation’s biggest lab developer, in 2021 for $1.5 billion.
The continuing presence of Time Out Market could help Alexandria attract tenants to one of the region’s largest lab development projects: construction of a 13-story lab tower at 421 Park Drive scheduled for completion in 2027.
Foot traffic to Time Out Market and other retailers in the Fenway has declined amid rising vacancies in the neighborhood’s recently-expanded office and lab markets.
Office vacancies in the Kenmore/Fenway submarket rose to 19.5 percent in the fourth quarter, according to an Avison Young report released this week.
Lab vacancies in the Kenmore/Fenway submarket ended 2025 at 24.9 percent, CBRE reported.
CEO Steve Samuels told the Globe that he plans to work with vendors to generate more business. In a statement, Co-President Peter Sougarides said the company’s relationships with local restaurants will benefit Time Out Market’s future operations.
“We are pleased that together with Samuels & Associates we have found a solution to keep Time Out Market in Boston by transitioning to a licence agreement. “As a highly trusted partner, Samuels & Associates understands the value the food and cultural market brings to the neighbourhood. We are delighted for the team, vendors and the Market community – they truly represent the very best of this fantastic city,” Time Out Market CEO Michael Marley said in a statement.
In Cambridge, a new food hall is scheduled to open next month at MIT’s 290 Main St. development.
In November, manager Gather Group announced the first five vendors for the 11,000 square-foot Eastern Edge food hall, which will have a capacity for 275 patrons.
