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RELATED BEAL BUYS THE BLOCK ON CONGRESS FROM FIDELITY

BOSTON — Related Beal Real Estate Recovery Fund has acquired The Block on Congress, a five-building, 343,000-square-foot portfolio in Boston, from Fidelity Investments. The company did not disclose terms of the deal, however the Boston Herald reported that Related Beal paid $59.2 million for the property. The office and retail portfolio sits on more than one acre and is located at 82 Devonshire St., 35 Congress St., 68 Devonshire St., 19 Congress St., 15 Congress St., and 54 Devonshire St. Related Beal will lead the repositioning efforts and serve as property manager of The Block. CBRE/New England was tapped last spring to sell the complex on behalf of Fidelity. The CBRE capital markets sales team was led by Chris Angelone, Andy Hoar and Carlos Febres-Mazzei. Jeremy Grossman of CBRE is spearheading the retail leasing efforts for Related Beal.

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