BRA Director of Real Estate Promises Action

BOSTON—Newly hired director of real estate for the Boston Redevelopment Authority Edward O'Donnell says he plans to hit the ground running once he takes over his post on Jan. 4th.

The current director of economic development for Somerville, MA, tells Globest.com that he is excited about the opportunity to oversee the BRA's estimated 16 million-square-foot portfolio.

O'Donnell has been Somerville's director of real estate for two-and-a-half years. Previously, the more than 30-year real estate veteran worked at Waypoint Consulting Services as pre-development director, where he worked on pre-development and permitting on mixed-use development projects. From 1990-1998, O'Donnell worked at the BRA as deputy director for commercial real estate development.

During his second stint at the BRA, O'Donnell will manage the disposition, sale, and leasing of more than 16 million square feet of property the BRA owns. Boston Mayor Martin Walsh and the BRA are looking to optimize the agency's real estate portfolio and generate new revenue opportunities.

A critical report on the BRA operations commissioned by Mayor Walsh and released last July stated that there are between 10 million to 12 million square feet of undeveloped land and buildings that could generate millions of dollars in new revenue for the BRA. The report by McKinsey & Co. stated that the BRA did not have a comprehensive list of its assets. One of O'Donnell's initial charges will be to develop an accurate inventory of all BRA properties.

"My goal is to make maximum use of the authority's real estate assets," he says. "I want to make sure that our tenants, both current and future, realize that we are invested in their success. I want the people who work in the Greater Boston real estate world and the folks that live in the city to know that the BRA's real estate assets are being run in a professional manner and that we will try to maximize revenue while meeting the goals of the mayor and the authority."

When asked by Globest.com if he expects to be putting out Request for Proposals on some undeveloped assets the BRA owns, O'Donnell responded, "I can't put a timetable on it, but the answer is 'yes.'" He later stressed, "You can expect action when I get there."

"As change continues at the BRA, I look forward to having Ed O'Donnell bring his experience and fresh perspective to this role," states Mayor Walsh. "We aim to continue strengthening this agency by promoting efficiency and effectiveness, and I am confident that Ed's background will complement our efforts and add to the dynamic leadership needed to take Boston's real estate to the next level."

BRA Director Brian Golden adds, "Based on our internal reviews and the independent analyses we have commissioned since January 2014, it is abundantly clear that we must do a better job of making the most of our real estate assets. We've made significant progress this year by securing redevelopment deals for three key parcels in the Marine Industrial Park, and Ed will be able to draw on his robust knowledge to build on this momentum. Optimizing our land and property holdings is one of our biggest priorities, not only for the value they generate for the BRA but, more importantly, for the people of Boston."

In Somerville, O'Donnell directed a nationwide search and public engagement process that secured a master development partner for the planning and future build out of more than 2 million square feet of transit oriented development in Union Square. The master developer for the project is US2, a partnership between Magellan Development and Mesirow Financial.

He helped to attract and expand Greentown Labs, the area's largest clean tech incubator after the collection of energy start-up companies outgrew space in Boston's Fort Point neighborhood. He also helped bring collaborative workspace to Davis Square and oversaw the continued growth of Assembly Row, where Partners HealthCare is building nearly 1 million square feet of new office space.