January 11, 2023 1:00 PM
Newmark and Jumbo Capital announce four new office, life science and Research & Development (R&D) leases, totaling 49,255 square feet at Stony Brook (130 Turner Street) in Waltham, Massachusetts. Newmark Senior Managing Director Matt Malatesta, Vice Chairman Mike Frisoli, Executive Managing Director Tyler McGrail and Associate Directors Margaret Fee and Eric Jeremiah represented the owner/landlord, Jumbo Capital, in the property leases.
The tenants and deals are summarized below:
- 16,506-square-foot new R&D lease to Veeco, tenant represented by Malatesta
- 14,441-square-foot new life science lease to Alcresta Therapeutics, tenant represented by Ned Halloran and Connor Hayes of Hunneman
- 9,460-square-foot new life science lease to Cugene, tenant represented by Pat Grady of Hunneman
- 8,848-square-foot new office lease to Opinion Dynamics, tenant represented by Adam Meixner of 128 CRE
“Jumbo Capital continues to invest in the overall experience at Stony Brook, and these recent deals are a direct result,” said Malatesta. “With diverse workspace offerings, all new amenities, proximity to a major university and public transit access, the Stony Brook campus will continue to see strong interest from the thriving greater Boston innovative ecosystem.”
Developed and managed by Jumbo Capital, the 270,000-square-foot lab and R&D campus, Stony Brook, has undergone a major office-to-life science conversion to accommodate these recent transactions, with the unique ability to convert an additional 50,000 square feet in the main tower. Tenant amenities at the site include a new fitness center with lockers and showers, a full-service cafeteria, a shared conference center, an outdoor lounge and patio and new lobbies and common areas.
The property is located minutes from I-90/I-95, in a walkable neighborhood and is proximate to the MBTA Commuter Rail, three stops from Porter Square on the Red Line.
According to Newmark Research, the Route 128 lab market expanded to more than 6.2 million square feet of existing inventory in the third quarter of 2022—an 83% increase in lab space in just three years. Despite recording two consecutive quarters of increases, vacancies remain healthy at 7.3%. Moreover, 2.4 million square feet of lab space has been absorbed in this submarket since the beginning of 2019 as demand for suburban lab products increased throughout the pandemic. Asking rents have been on an upward trajectory for the better part of the last ten years.
Boston’s West–Route 128 office markets remain stable, with recent strength in life sciences helping to drive overall activity. Vacancies ended the third quarter at 13.5%, the lowest rate this submarket has experienced since mid-2020. Tenants remain focused on top-quality office assets that are highly amenitized.
About Jumbo Capital
Jumbo Capital (“Jumbo”) is a privately held, value focused, fully integrated commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 to pursue investment opportunities exclusively in Massachusetts, in all asset classes. Currently, the firm manages a portfolio of 4.3 million square feet of commercial real estate, in the Greater Boston area. Jumbo has demonstrated impressive growth and continues to expand with the recent addition of a Life Science asset, branded Patriots Park in Bedford, MA. Jumbo provides local expertise and a high quality of service across its comprehensive range of investments, making Jumbo flexible and accommodating partner to tenants in a diverse range of markets.
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 of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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