BOSTON — Ashkenazy Acquisition Corp. (AAC) has purchased South Station, a Boston transportation hub known as “the gateway to New England,” for an undisclosed sum. AAC will assume the 98-year leasehold for the transit station’s concourse and upstairs office space.
The South Station Train Terminal is part of the Michael S. Dukakis South Station Transportation Center, Boston’s busiest transit hub. Opened in 1898, the historic train terminal now serves thousands of commuters, travelers, shoppers and diners daily. Amtrak, MBTA (Massachusetts Bay Transportation Authority) rapid transit and MBTA commuter rail all serve the station. Regional coach services are available in the adjacent South Station Bus Terminal Building.
The building is recognizable due to its exterior clock and neo-classical revival architecture. South Station also contains more than 59,000 square feet of retail space, including quick-service food options like McDonald’s, Auntie Anne’s, Au Bon Pain, Dunkin’ Donuts, Starbucks and Pret, among others. These options join other retailers at South Station, including CVS/pharmacy, Barbara’s Bookstores, Bank of America and Citizens Bank.
AAC has also operated Boston’s famed Faneuil Hall Marketplace for the past six years. That property is currently undergoing a renovation that will upgrade its design and appearance.
“It is fitting that AAC is taking over another of Boston’s most beloved landmarks, with the Rose Kennedy Greenway anchoring South Station at one end and Faneuil Hall at the other,” says Michael Alpert, AAC’s president. “The synergies between the properties will assist us in our management efforts and our plans to make this a sustainable asset for the next 98 years and beyond.”
The firm additionally handles operations at Union Station in Washington, D.C., where the firm unveiled the newly restored historic building, which is a mixed-use, intermodal transportation and shopping center situated just blocks from the U.S. Capitol Building.
New York-based AAC is a private real estate investment firm. It has acquired more than 15 million square feet of retail, hospitality, office and residential properties throughout the U.S., Canada and England.
— Nellie Day