Newmark Completes $341 Million Sale of Eight Assets within Minuteman Park in Andover, Massachusetts

Rhea-AI Summary

Newmark has successfully completed the $341 million sale of eight assets in Minuteman Park, Andover, Massachusetts. The transaction includes a $190 million sale of 3000 Minuteman Road and $151 million for three additional properties. The total area covers over 1.3 million square feet, with potential for new biomanufacturing development. Newmark's team facilitated the sales and will now manage leasing for the campus, enhancing its appeal with on-site amenities and strategic location near major highways.

Positive

• Successful completion of $341 million asset sales enhances cash flow.
• Potential for new biomanufacturing development adds long-term growth prospects.
• Increased leasing representation may improve occupancy and revenue.

Negative

• None.

BOSTON, Jan. 19, 2022 /PRNewswire/ -- Newmark announces the $341 million sale of eight assets within Minuteman Park, a premier corporate campus located 25 miles north of Boston in Andover, 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 the sellers, Atlantic Management and Spear Street Capital, in separate transactions for their respective assets and procured a single campus assemblage buyer. Newmark Senior Financial Analyst William Sleeper provided financial analysis support. Additionally, Newmark Executive Managing Director Torin Taylor has been retained as the exclusive leasing agent for the campus.

The transaction includes the $190 million sale of 3000 Minuteman Road on behalf of Atlantic Management and the $151 million sale of 30, 100 and 200 Minuteman Road and 138 River Road on behalf of Spear Street Capital. In total, the two campuses comprise more than 1.3 million square feet of existing office, R&D and laboratory space along with the ability to develop new state-of-the-art biomanufacturing space on site.

"These assets together form an exceptional assemblage opportunity, enabling new ownership to accommodate various tenant requirements with a variety of building layouts and floor plate sizes," said Pullen. "Additionally, the development potential presents an attractive opportunity to increase density in a premier Boston suburb."

Situated directly off Interstate 93, five miles south of the New Hampshire border and 25 miles north of Boston, Minuteman Park is a premier corporate campus with abundant on-site amenities. Highlights include a recently-renovated amenity center featuring a full-service cafeteria, game room/lounge, coffee kiosk, fitness center with locker rooms and indoor bicycle storage plus outdoor amenities such as an open-air pavilion, fitness green, walking pathways and running/cycling trails.  

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 was the total amount for the recent Newmark asset sales?

The total amount for the recent Newmark asset sales was $341 million.

What are the main properties involved in Newmark's recent sale?

The main properties involved include 3000 Minuteman Road for $190 million and three additional properties sold for $151 million.

How much total space was included in the Newmark asset sales?

The total space included in the Newmark asset sales exceeds 1.3 million square feet.

What are the future development opportunities for Newmark's sold assets?

There are opportunities for new biomanufacturing development on the sold assets, increasing future growth potential.