Press Releases
New York Firm Completes Lease Acquisition for Faneuil Hall Marketplace
October 13, 2011
Ashkenazy Acquisition Corp., a New York real estate firm, announced today that it has closed on the acquisition of the 63-year ground lease for Faneuil Hall Marketplace in Boston from General Growth Properties, a Chicago mall operator.
Ashkenazy has retained Jones Lang LaSalle, the country’s largest third-party manager of retail real estate, as the property management company for Faneuil Hall Marketplace. Jones Lang LaSalle oversees several other Ashkenazy properties, including Union Station in Washington, D.C., and the Rivercenter Mall in San Antonio, Texas.
In a statement released today, Ashkenazy said it expect to make future improvements to the property and anticipates working closely with the Boston Redevelopment Authority to reinvigorate the shopping center.
Faneuil Hall Marketplace is owned by the city of Boston, and it leases three of the four buildings. City officials had a strained relationship with General Growth because of concerns that it was not making needed upgrades and it was failing to work closely with local merchants.
Ashkenazy, in its statement today, said it “enjoys a strong working relationship” with local business owners and will work with Faneuil Hall Marketplace Merchants Association to ensure a smooth transition.
“Faneuil Hall Marketplace’s rich cultural heritage and history as a premier retail center is like none other in the county and we are thrilled to be able to invest in such a world-renowned property,” said Michael Alpert, president and vice chairman of Ashkenazy Acquisition. “We are already working closely with the Faneuil Hall Marketplace Merchants Association with regard to the Marketplace’s continued rejuvenation and its long-standing commitment to showcasing local artisan talent. We will also seek to bring new retail concepts that in part support the city’s creative entrepreneurs within Faneuil Hall.”
