Related Fund Management completes sale of 15 and 19 Congress St. to Thibeault Development

Boston, MA Related Fund Management, a subsidiary of Related Companies, completed the sale of 15 and 19 Congress St. to Thibeault Development. 15 and 19 Congress St. total 54,461 s/f, and contribute to Related Beal’s master redevelopment plan for Congress Sq. located at the nexus of the Financial District, Faneuil Hall, Government Center, and Downtown Crossing.

In 2013, Related Fund Management purchased five buildings that previously served as Fidelity Investments’ headquarters: 40 Water, 15 Congress, 19 Congress, 68 Devonshire, and 54 Devonshire – to be redeveloped by Related Beal.  Working with architecture firm Arrowstreet, Related Beal is transforming this key intersection to offer a 24-hour, mixed-use environment with marquee office, residential, hotel and retail space.

Related Beal is enlivening Congress Sq. with more than 35,000 s/f of retail, bringing bold vision to an iconic address through storefronts and the revitalization of Quaker Lane.  Quaker Lane, formerly an underutilized alley at the top of Post Office Sq., will offer a reimagined pedestrian way and retail destination lined with boutiques, indoor and outdoor cafes, restaurants, and attractions. 

“Congress Square is an extraordinary redevelopment opportunity that will activate Congress, Devonshire and Water Streets with a mix of uses. The residences that Thibeault is developing at 15 and 19 Congress Street contribute greatly to our vision of Congress Square as a dynamic addition to Boston’s downtown,” said Stephen Faber, an executive vice president at Related Beal.

“We are delighted to add 15 and 19 Congress Street to our downtown portfolio.  We are excited with the master plan for Congress Square that Related Beal has developed and are looking forward to being a part of bringing it to fruition.  Congress Square is very much in line with our investment emphasis on integrated mixed use development in downtown Boston,” said Billy Thibeault, principal at Thibeault Development.

Thibeault Development plans to transform 15 Congress and 19 Congress St. into residences with 5,750 s/f of street-level retail and restaurant space with immediate access to Quaker Lane. 

Other elements of Related Beal’s redevelopment of Congress Square include:

• 40 Water St. - Once separate buildings with addresses of 82 Devonshire St. and 33-35 Congress St., 40 Water St. is being transformed into one cohesive building with six and a half new stories of curtainwall office space and a single modern core. 40 Water St. features an innovatively designed glass addition with office and outdoor green space, and a double-height lobby with direct access to the newly reimagined Quaker Lane and Water St..  Related Beal is executing this best-in-class preservation of a landmarked property including efficient and versatile floor plates, active rooftops, and retail/restaurant space on the lower levels and ground floor. The project maintains the buildings’ best attributes of their proud architecture while transforming into an efficient modern property highly desirable to innovation-economy growth tenants.

• 68 Devonshire St. consists of the existing 68 Devonshire building and a new addition to be constructed on the adjacent vacant lot located at 54 Devonshire St. The plan for this site includes an approximately 165-key boutique hotel and related uses.

 The location of these properties was known as Congress Sq. when they were first built between 1899 and 1921.

Biria St. John, executive vice president and partner at CBRE New England, represented Related Beal in this sale.