The downtown tourism destination known as Faneuil Hall Marketplace has been acquired by The J. Safra Group. The terms of the deal were not released to the public.
The 365,000-sqft retail and office complex across from City Hall Plaza includes Quincy Market, the North Market building, and the South Market building, plus an additional space with a Sephora store.
Fun fact: Did you know that Faneuil Hall, the brick building and adjacent namesake just outside of Sam Adams Boston Taproom, is not actually part of the property?
The management team of Ashkenazy Acquisition Corp. had held the property’s long-term lease with the city since 2011. The corporation brought in countless national chains and stores to the complex, including Margaritaville, Sugar Factory, and a Build-A-Bear Workshop. Under the new lease, the city’s team would like to see more local representation, and fewer national brands.
The J. Safra Real Estate group holds 200+ properties around the world, totaling over $300 billion in assets. When the property traded hands back in 2011, the deal was valued at ~$140 million. The landlord operates the property under a 99-year ground lease dating back to the mid-1970s, giving the city little say in any changes.
The new ownership will bring a fresh wave of updates and perspective to the historic property, which requires some renovations. A BPDA consultant’s report recently identified ~$45 million in repairs and upgrades — think: fixing loose bricks + cracked granite, installing handrails, and adding new electrical equipment.
Which local brands and offerings would you like to see in this prime real estate?