NGKF Capital Markets has successfully completed the sale of 70 Franklin Street in Boston, Massachusetts to Deka for $42.1 million. The NGKF Boston Capital Markets team, led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen, oversaw the transaction of the urban mixed-use building on behalf of GLL Real Estate Partners.
Comprising a total of 85,977 square feet, 70 Franklin Street is presently 91 percent leased to an eight-tenant roster anchored by Fortune 100 financial services firm TIAA-CREF and complemented by ground-floor retailers Jos. A. Bank and Papyrus.
“70 Franklin’s timeless architecture combines with its flexible floor plates, open office layouts and modern building systems to create one of Boston’s premier Class B buildings,” said Maher. “As a result, the asset boasts exceptional leasing momentum with tangible upside potential in Boston’s booming Downtown district.”
Featuring a centralized location just one block from the MBTA’s Downtown Crossing station, 70 Franklin Street provides immediate access to key public transit options and regional highway systems. Additionally, the property benefits from the wealth of recent activity throughout Downtown Crossing - more than $2.4 billion has been invested in the area in the last decade alone.
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/.
About GLL Real Estate Partners
GLL Real Estate Partners GmbH (GLL) is a Munich-based real estate fund management group with $7 Billion under management. Formed in 2000 as a joint venture between Lend Lease Corporation and Italian insurance giant Assicurazioni Generali, GLL is now majority owned by its management team. GLL currently manages 15 funds employing varying property strategies and investing throughout Western Europe, Central Eastern Europe, South America and the United States. From offices in Munich, Luxembourg, Budapest, Santiago de Chile, Mexico City, Orlando, New York and San Francisco, GLL serves an investor group that includes pension funds, insurance companies and sovereign entities.