Newmark Completes $1.2 Billion Recapitalization of 50 + 60 Binney Street in Cambridge, Massachusetts

Rhea-AI Summary

Newmark has completed a $1.2 billion recapitalization of 50 + 60 Binney Street, two advanced life science buildings in Cambridge, Massachusetts. The properties, totaling 532,395 square feet and fully leased, are located in the Kendall Square area, a key life science hub. The transaction was facilitated by Newmark's Boston Capital Markets Group, particularly Robert Griffin, Edward Maher, Matthew Pullen, and Samantha Hallowell, representing Alexandria Real Estate Equities. Newmark generated revenues exceeding $2.5 billion for the twelve months ending September 30, 2021.

Positive

• Successful recapitalization of $1.2 billion enhances asset management capabilities.
• 50 + 60 Binney Street is 100% leased, indicating strong demand in the life sciences sector.
• Located in Kendall Square, a prime life science market, ensuring continued interest from tenants.

Negative

• None.

BOSTON, Dec. 16, 2021 /PRNewswire/ -- Newmark announces the $1.2 billion recapitalization of 50 + 60 Binney Street, two state-of-the-art life science buildings located in Cambridge, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher , Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the firm's Boston Capital Markets Group represented Alexandria Real Estate Equities, Inc. and procured Norges Bank Investment Management and MetLife Investment Management for the transaction. Newmark Senior Financial Analyst William Sleeper provided financial analysis support.

Presently 100% leased, 50 + 60 Binney Street features 532,395 square feet of upper-level laboratory/office space and street-level retail space complemented by six levels of below-grade parking.   

"50 + 60 Binney Street is a first-class asset in the life science epicenter of the world," said Maher. "This transaction speaks to the strength of the Cambridge market and its continued appeal for tenants and owners alike."

50 + 60 Binney Street is situated in Kendall Square, Cambridge's primary life science destination. The asset benefits from a transit-oriented location between two MBTA subway stations—Kendall/MIT along the Red Line and Lechmere along the Green Line.   

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark. 

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

 

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SOURCE Newmark Group, Inc.

FAQ

What is the significance of the $1.2 billion recapitalization announced by Newmark?

The recapitalization strengthens Newmark's asset management and investment strategies in a key market.

Where is the 50 + 60 Binney Street property located?

The property is located in Cambridge, Massachusetts, specifically in Kendall Square.

What type of space does 50 + 60 Binney Street provide?

The property offers 532,395 square feet of upper-level laboratory/office space and street-level retail space.

Who represented Alexandria Real Estate Equities in this transaction?

Newmark's Boston Capital Markets Group, including Robert Griffin and Edward Maher, represented Alexandria Real Estate Equities.

What were Newmark's revenues for the trailing twelve months ending September 30, 2021?

Newmark generated revenues exceeding $2.5 billion during that period.