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BRAINTREE, MA- Two longtime local general contractors have agreed to a marriage of sorts, as Peabody Construction Co., based here, plans to join forces with Beaver Builders of Newton. According to a source from Peabody, a letter of intent has been signed by both companies and the two are now in due diligence, which typically takes between 30 to 60 days.

“Nothing is official yet,” the source tells GlobeSt.com. As to the reason for the merger, the source notes that, “Beaver has a great name and great name recognition. The merger made sense.” The source would not elaborate further on the rationale or details of the merger.

Peabody has been in the Greater Boston area for 110 years and is in the process of building a new headquarters. The company has been involved in a number of projects in the area including office, academic and multifamily buildings. Recently, it worked on the $68-million expansion of the Boston Medical Center, the restoration of the Boston Public Library and is in the midst of building the new Basketball Hall of Fame in Springfield, MA.

Beaver has been in the area for 50 years and has completed over 40 million sf of commercial construction throughout New England. Locally, the company has been employed on developments such as the 347-room Westin Hotel in Waltham, the One Brookline Place medical building in Brookline and 50 Milk St., a 21-story class A tower in the Financial District.

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