NGKF Capital Markets has successfully completed the sale of One Kendall Square in Cambridge, Massachusetts to Alexandria Real Estate Equities for $725 million ($1,124 per square foot), setting the record for the Boston area’s largest sale of 2016 on a total transaction size and per-square-foot basis (based on existing building area). The NGKF Capital Markets Boston team led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen, in conjunction with Newmark Grubb Knight Frank Executive Managing Directors Mark Winters and David Townsend, oversaw the transaction of the 11-asset mixed-use campus on behalf of DivcoWest.
Spanning 7.88 acres, One Kendall Square encompasses a dynamic mix of office and laboratory buildings complemented by abundant amenities, a cinema, a parking garage and a fully-permitted development site. Its office, laboratory and retail space is presently 99 percent leased to a dynamic tenant roster anchored by Akamai, Abcam, Cogo Labs, Merrimack Pharmaceuticals, InVivo Therapeutics and the Massachusetts Institute of Technology.
“One Kendall Square offers a critical mass of best-in-class, institutional-quality real estate,” said Maher. “Combined with nearly $100 million in capital improvements throughout the past 10 years, the campus clearly represents a generational opportunity within the white-hot East Cambridge submarket.”
Surrounded by hundreds of technology and life science companies operating alongside some of the world’s top educational institutions, One Kendall Square is strategically situated within East Cambridge, a world-renowned hub of innovation and entrepreneurship. Furthermore, the campus is located directly adjacent to an MBTA bus stop, within convenient walking distance of the MBTA Red and Green Lines and swiftly accessible to Interstates 90 (Massachusetts Turnpike) and 93.
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 14,100 professionals operate from more than 400 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 www.bgcpartners.com.