Boston Seeks Review of Leasing Practices

By Steve Adams | Banker & Tradesman Staff | Sep 15, 2024

Since the new owners acquired Faneuil Hall Marketplace in January, there have been a few obvious signs of change at one of Boston’s most instantly recognizable landmarks.

Behind the scenes, city officials have been in discussions with new leaseholder J. Safra Real Estate to address complaints from a civil rights group that the property underrepresents minority- and women-owned businesses.

J. Safra’s acquisition of the ground lease has set in motion fresh discussions on sore points plaguing the city-owned property, from dilution of its local flavor to deferred maintenance and unimaginative leasing strategies.

“The tourists come because it’s a must-do when you visit Boston,” said Whitney Gallivan, a partner and managing director at Boston Realty Advisors. “I can’t say if they are satisfied when they visit. I assure you the locals are not satisfied and have no reason to visit.”

By Steve Adams, originally published on September 14, 2024 online for Banker & Tradesman. The full article can be found at Banker & Tradesman’s website.