Newmark Completes $815 Million Sale of Charles Park in Cambridge, Massachusetts

Rhea-AI Summary

On January 11, 2022, Newmark announced the sale of Charles Park, a two-building office complex in Cambridge, Massachusetts, for $815 million. The transaction was facilitated by key executives from Newmark's Boston Capital Markets Group. The complex spans 408,259 square feet and includes two Class A office buildings along with a parking garage. It features infrastructure suitable for life science development and is strategically located near MIT and major transportation hubs. Newmark continues to enhance its standing in the commercial real estate market, reporting revenues exceeding $2.5 billion for the trailing twelve months.

Positive

• Successful sale of Charles Park for $815 million enhances revenue.
• The sale positions Newmark favorably in the thriving Cambridge life sciences market.
• Charles Park features infrastructure supporting life science development, attracting potential tenants.

Negative

• None.

BOSTON, Jan. 11, 2022 /PRNewswire/ -- Newmark announces the $815 million sale of Charles Park, a two-building office complex and associated parking garage 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 the seller, The Davis Companies and Principal Real Estate Investors, and procured the buyer. Newmark Senior Financial Analyst William Sleeper provided financial analysis support.

The 408,259-square-foot Charles Park comprises two Class A office buildings—One Rogers Street and One Charles Park—complemented by a 656-space, seven-level parking garage. It features reusable in-place infrastructure for life science development, including large floor plates that can provide up to 65,000 square feet of contiguous space on one level, 13' to 17' ceiling heights and substantial loading capacity with five loading docks and two freight elevators.   

"Charles Park is well positioned along Kendall Square's rapidly expanding First Street corridor with immediately-recognizable architecture highlighted by its distinctive horseshoe-shaped façade," said Maher. "The asset is further surrounded by an unmatched laboratory and technology mecca in the life science epicenter of the world."

Just steps away from Charles Park, the nearly one million-square-foot CambridgeSide complex is undergoing a highly-anticipated residential and retail redevelopment. The asset is also located between two MBTA subway stations (Kendall/MIT along the Red Line and Lechmere along the Green Line), the 168-acre campus of MIT, the brand-new Cambridge Crossing mixed-use development and Massachusetts General Hospital.

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 sales price of Charles Park announced by Newmark on January 11, 2022?

Newmark announced the sale of Charles Park for $815 million.

What is the significance of the Charles Park location in Cambridge?

Charles Park is located in the life science epicenter, near MIT and key transportation hubs.

What is the size of the Charles Park complex sold by Newmark?

The Charles Park complex spans 408,259 square feet.

Who represented the seller in the Charles Park sale?

The seller, The Davis Companies and Principal Real Estate Investors, was represented by Newmark's Boston Capital Markets Group.

What are the features of the Charles Park office complex?

Charles Park comprises two Class A office buildings with life science development infrastructure and a 656-space parking garage.