MFA buys Forsyth property
The Museum of Fine Arts said today it has agreed to buy the nearby Forsyth Institute property in the Fenway as part of its expansion plans.
No financial details of the transaction, which involves a building with 107,000 square feet of space on 1.6 acres of land, were disclosed in a statement issued by the two parties.
Forsyth is a nonprofit research group focused on oral and related biomedical science; it also provides dental care to children through a school-based health program.
Forsyth has administrative offices and laboratories in the property involved in the proposed transaction.
Forsyth said it will eventually relocate to new modern facilities; when the transaction closes, Forsyth will temporarily be a tenant of the MFA's as Forsyth scouts for a new location.
"This is a once-in-a-lifetime opportunity for the museum," Malcolm Rogers, the MFA director, said in a statement. "The purchase of this venerable building, along with the museum's expansion plans for the new American Wing, which overlooks Forsyth Way and the revitalization of the Fenway entrance, will dramatically transform the museum and this neighborhood for generations to come."
The sale of the building at 140 The Fenway will help the Forsyth Institute to gain access to contemporary state-of-the-art technology and possibly "co-locate with others in the scientific community," Dominick P. DePaola, chief executive of the Forsyth Institute, said in a statement.
(By Chris Reidy, Globe staff)
Posted by Boston Globe Business Team at 10:35 AM