UMass Building Authority Signs Lease for 3.4M SF Campus Project

Last month, Accordia Partners and real estate private equity funds managed by affiliates of Ares Management Corp. acquired the 2 Morrisey Blvd, office complex, which is located across the street from the former Bayside Expo Center site.

BOSTON—The redevelopment of the former Bayside Expo Center reached a new and significant milestone as partners in the project, including the UMass Building Authority, signed a definitive agreement on a long-term lease for the 20-acre site that will pave the way for a major mixed-use development at the campus.

The UMass Building Authority announced today it had finalized lease terms with Boston-based Accordia Partners and an affiliate of the Real Estate Group of Ares Management Corp. of Los Angeles. The 99-year ground lease will bring UMass $235 million and has the potential to foster 3.4 million square feet of mixed-use development at the property. The UMass Building Authority announced in February the selection of Accordia and Ares to develop the former Bayside Expo Center site.