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Boston building with Citgo sign sold; preservationists happy

Moneywatch headlines

BOSTON -- A building that hosts Boston's iconic Citgo sign has been sold to a local developer known for being sensitive to history.

Boston University announced Friday it had reached a deal with developer Related Beal to sell several properties, including the home of the 3,600-square-foot sign.

Terms of the deal were not disclosed, and neither the university nor the developer specifically mentioned the sign. BU's senior vice president for operations said in the announcement that he hopes community concerns about the future of the area will now subside. Related Beal's president called the site a "significant location."

There had been concerns that new owners would remove the 50-year-old sign.

The executive director of the Boston Preservation Alliance says he's encouraged by the sale.

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