Re: Fenway Area Redevelopment
Looking to expand his empire
Boston developer Steve Samuels closes in on $530m deal to buy marquee Landmark Center
Developer Steve Samuels is said to be negotiating the purchase of the Landmark Center for about $530 million.
By Casey Ross
Globe Staff / November 19, 2010
Boston developer Steve Samuels is near a deal to buy the massive Landmark Center office and retail complex near Fenway Park, an acquisition that would give him another marquee property in a neighborhood where he already owns many of the largest buildings.
Landmark Center would be Samuels?s biggest deal yet, giving him control of a 1.5 million-square-foot complex that is home to Blue Cross Blue Shield of Massachusetts and retail stores such as Best Buy.
Executives with knowledge of the deal said Samuels is negotiating a purchase from the owner, Abbey Group, for about $530 million.
Neither Samuels nor Abbey Group, which spent $115 million renovating the former Sears, Roebuck & Co. warehouse into the Landmark Center in the 1990s, would comment.
?We are in discussions regarding Landmark Center, but as of now nothing is finalized,?? they said in a joint statement issued by a spokesman.
Abby Group has a proposal to add an eight-story extension for offices pending before Boston officials.
Samuels has been a key developer behind much of the recent activity that has turned this portion of the Fenway into a much livelier area.
He owns about a dozen properties in the neighborhood and has redeveloped several.
He built the Trilogy apartment and retail complex across from Landmark Center and 1330 Boylston, another large residential and retail building just down the street.
He has also revitalized several buildings that now host restaurants and retailers, such as the Guitar Center, Tasty Burger, and Basho, a sushi restaurant, all on Boylston Street.
He is also proposing to build 150 apartments, stores, and offices on the site of the former Goodyear Tire store and two adjoining properties.
Samuels is also in a joint venture with developer Steve Weiner to try to buy the Howard Johnson hotel property on Boylston Street. The pair had previously floated the idea of replacing it with a new hotel and adjoining residences and offices.
Abbey Group triggered this latest revival of the Fenway with the unusual renovation of the Sears warehouse, which had been shuttered for more than a decade. Its redevelopment cleared the way for a 13-screen cinema and the retail stores that now anchor the site.
If Abbey strikes a deal to sell, then one major wrinkle Samuels would soon face is the future of Blue Cross Blue Shield, whose lease ends in 2015.
The area is seen as attractive for office development because of its proximity to many of the city?s largest hospitals and medical research institutions in the Longwood Medical Area.
Abbey Group, which is co-owner of the Boston Celtics, has recently struggled with its large 45 Province St. development in Downtown Crossing, a 32-story condominium tower that opened in the midst of the real estate downturn.
So far, Abbey Group has sold about 25 of 137 units on the site, with several others under agreement, according to representatives of the firm.
It recently secured a three-year loan extension on the property from Helaba Bank.
http://www.boston.com/business/arti...oses_in_on__530m_deal_to_buy_landmark_center/