Newmark Arranges Sale & Financing of 1 Executive Drive in Chelmsford, Massachusetts

August 15, 2025 9:00 AM

Newmark announces the Company has arranged the $11.5 million sale of 1 Executive Drive, an R&D, office and electronic laboratory building in Chelmsford, 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, Foxfield, and procured the buyer, Rhino Capital Advisors LLC.

Newmark Boston Debt & Structured Finance Vice Chairman David Douvadjian, Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian, Jr. and Associate Directors Bobby Alvarado and Conor Reenstierna arranged acquisition financing on behalf of Rhino Capital Advisors LLC.

“1 Executive Drive benefits from investment-grade anchor tenancy and tangible value-add upside via the lease-up of its remaining availability,” said Hallowell. “It further enjoys exceptional positioning in a high-performing flex/R&D cluster with a single-digit vacancy rate, recent double-digit rental rate growth and robust tenant demand.”

Totaling 112,440 square feet, 1 Executive Drive is 87% leased to five tenants, including two anchors: Spectro Scientific, a business unit of a global industrial technology firm AMETEK; and Qorvo, a leading semiconductor manufacturer.

Located less than 30 miles northwest of Boston, 1 Executive Drive is situated off the Interstate 495/Route 3 interchange and along the Lowell Connector, providing convenient access across Boston’s northern suburbs and throughout southern New Hampshire. The surrounding area is a magnet for firms operating in the technology, electronics, manufacturing, R&D, life science and medical sectors.

Newmark Executive Managing Director Matthew Adams and Senior Managing Director Rory Walsh provided local leasing expertise for the transaction, and Financial Analysts Grady Zink and Harrison Zucco 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 June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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