"Accordia Partners, led by Richard Galvin and Kirk Sykes, had agreed to a $235 million, 99-year ground lease of the 20-acre former Bayside Expo Center on Dorchester's Columbia Point."
"Even by fall 2023, when city officials gave their OK, the region's lab boom had begun to temper, leading to a glut of vacant lab space."
"Accordia recently tapped brokerage firm Newmark to sell about one-third of Dorchester Bay City's real estate, a 13.6-acre parcel at 2 Morrissey Blvd."
"Newmark touts 2 Morrissey as a 'transformative mixed-use development opportunity,' noting the city has approved 2.4 million square feet across eight buildings."
In 2019, Accordia Partners acquired 2 Morrissey Blvd. for $110 million, intending to develop a large-scale project at Dorchester Bay. The project included 21 buildings with nearly 2,000 apartments and extensive lab space, representing a $5 billion investment. However, by fall 2023, a slowdown in development and an oversupply of lab space led to a decision to scale back plans. Accordia is now selling a 13.6-acre portion of the site, with city approval for 2.4 million square feet across eight buildings.
Read at Boston.com
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