Nordblom Company Partners with Beacon Capital on The BEAT
Nordblom Company and Alcion Ventures are pleased to announce the recapitalization of The BEAT and a new partnership between an affiliate of Beacon Capital Partners and Nordblom Company. The BEAT is the visionary 700,000 SF redevelopment of the former Boston Globe headquarters, located on Morrissey Blvd in the Dorchester section of Boston.
The BEAT was originally built by The Boston Globe in 1958 and has been expanded numerous times since then. The Boston Globe sold the property to the Nordblom/Alcion Ventures in 2017 as part of the Globe’s planned move downtown and further afield.
“This pioneering move by The Globe in 1958 brought almost 3,000 jobs to this building in its heyday. Our vision is to re-imagine this iconic campus into a vibrant center of employment bringing forward-looking jobs and opportunities down the Red Line to Dorchester once again,” said Og Hunnewell, EVP of Nordblom. “We are delighted that Beacon shares the vision that we started in partnership with Alcion,” Hunnewell continued.
“When we purchased the BEAT with Nordblom in 2017 our goal was to deliver a state-of-the-art creative office and life science facility that would bring significant energy and employment to the Savin Hill neighborhood,” said Eugene DelFavero, CFO and Partner at Alcion Ventures. “With the hard work of our team and support of the neighborhood, we were able to deliver on our vision earlier this year and are proud of the building our partnership has completed. We are confident that the Beacon/Nordblom partnership will take full advantage of the extremely strong Boston life science market and continue to deliver on our original vision for the property,” DelFavero continued.
The Beacon/Nordblom team is poised to implement further building upgrades of The BEAT to support a wide variety of life science, medical and high-tech users, who will start occupying the building in the Spring of 2022.
“The building works well for life science tenants who appreciate its expansive floorplates, considerable floor-to-floor heights, and Red Line connectivity from Dorchester to Kendall Square and beyond.” said Steve Purpura of Beacon. “We anticipate an energetic new node of life science companies activating this property.”
The BEAT has superior access to, and visibility from Morrissey Boulevard and The Southeast Expressway, and is only a short walk from both the JFK and Savin Hill MBTA Commuter Rail and Red Line stations. It also sits directly across from both the UMass Boston and BC High campuses.
Over the past three years, the entire property has undergone a massive transformation and redevelopment. Working with Stantec architects and John Moriarty contractors, the property was taken down to the structure and strategically rebuilt as a modern, multi-use urban facility with access to a sprawling 16-acre campus. At the heart of the building, a four-story atrium will offer leading community and tenant amenities