Newmark Arranges $132 Million Sale of Trophy Office Campus in Suburban Boston, Massachusetts

December 18, 2025 9:00 AM

Newmark announces the Company has arranged the $132 million sale of 140 Kendrick Street, a trophy office campus located 15 miles southwest of Downtown Boston in Needham, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, along with Boston Capital Markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper, represented the seller, BXP, and procured the buyer, a partnership between Cross Ocean Partners and Lincoln Property Company.

Additionally, Newmark’s Boston Debt & Structured Finance team, comprised of Vice Chairman David Douvadjian, Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian, Jr., Associate Directors Bobby Alvarado and Conor Reenstierna and Financial Analyst Harrison Zucco, has been engaged by the buyer to provide post-closing mortgage financing.

Totaling 400,000+ square feet, 140 Kendrick Street features three interconnected office buildings, one of which represents the first net-zero, carbon-neutral repositioning of its scale in Massachusetts. The campus is anchored by Wellington Management with other notable occupants including Clarks, CyberArk and Focus Partners Wealth.

“140 Kendrick Street was entirely renovated and re-tenanted after its prior single-tenant occupant vacated in 2020,” said Sleeper. “By virtue of all leases being signed in the post-COVID era, the asset exhibits a rare dynamic in which all tenants are right-sized with peak physical occupancy and near-zero dark space.”

140 Kendrick Street benefits from an amenity-rich, highly accessible and talent-dense location. The campus is situated adjacent to the 600+-acre Cutler Park Reservation, directly off Route 128/Interstate 95 with shuttle service to the MBTA Green Line and surrounded by one of suburban Boston’s highest concentrations of residents with graduate/professional degrees.

Newmark Senior Managing Director Matthew Malatesta provided local leasing expertise for the transaction, and Financial Analyst Grady Zink provided analytical support.

About Newmark
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. For the twelve months ended September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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