NGKF Capital Markets has successfully completed the sale of 5 Neponset Street in Worcester, Massachusetts to Reliant Medical Group. Senior Managing Director Christopher Griffin, Associate Director Samantha Hallowell and Associate Patrick Gill of the NGKF Capital Markets Boston team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the 119,860-square-foot office building on behalf of Mayflower Greendale Riley, L.P. Reliant Medical Group was represented by Jim Umphrey and Jim Cozza of Kelleher & Sadowsky.
5 Neponset Street benefits from meticulous maintenance and $5.6 million in recent renovations, which encompassed a variety of interior and exterior upgrades. Additionally, the four-story building features convenient on-site amenities including a cafeteria and fitness center.
Reliant Medical Group plans to occupy the property for medical office use. The healthcare organization is the largest independent, multi-specialty medical group in Central and MetroWest Massachusetts.
“Collaboration between all parties was crucial in driving this transaction - which included parking easements with the adjacent Greendale Mall - to conclusion,” said Hallowell. “Reliant Medical Group will particularly benefit from 5 Neponset Street’s flexible floor plates, which average nearly 30,000 square feet, and immediate highway access.”
5 Neponset Street is strategically situated just moments from the key interchange of Interstates 190 and 290, which enables swift travel to downtown Worcester and a wealth of residential hubs throughout the surrounding region. Additionally, the property is located less than one hour from both Boston and the New Hampshire border. Locally, a variety of shopping, dining, entertainment and service amenities are conveniently situated within a 10-minute drive.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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.