Newmark Grubb Knight Frank today announced the sale of the Sears’ Crescent Building in Boston, Massachusetts to Chevron Partners for $23.8 million. The Boston NGKF Capital Markets Group, led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Justin Smith, oversaw the transaction of the boutique office/retail asset on behalf of Copley Investments.
Comprising 50,300 square feet in Boston’s Government Center neighborhood, the classic brick-and-beam asset is currently 100 percent leased to 14 tenants. It features a diverse office roster complemented by a coveted street-level retail arcade along City Hall Plaza, a 200,000-square-foot, multi-functional open space situated in the heart of the city’s urban core.
“We are thrilled to acquire this iconic asset,” said Marcel Safar, managing partner of Chevron Partners (www.chevronpartners.com). “The building fits perfectly into our longer-term quality asset strategy with significant value-add potential. As our third acquisition in Boston since 2014, we look forward to continuing to distinguish ourselves through the quality of our assets and our team’s effective management of transactions, from selective sourcing through all phases of asset development.”
Well located directly across from the MBTA’s new Government Center subway station, which recently reopened following a transformative $88 million renovation, the Sears’ Crescent Building benefits from an exceptional transit-oriented destination. A wealth of additional public transportation stations, regional highway systems and amenities - including the iconic Faneuil Hall marketplace - are also immediately accessible.
“The historic Sears’ Crescent Building has been meticulously maintained and privately owned for nearly a generation,” said Pullen. “Combined with its durable in-place cash flow and significant upside potential as leases mature within Boston’s rising-rent environment, the property represents a truly unique office and retail asset.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.