Newmark Arranges Sale & Financing of 23 Frontage Road in Andover, Massachusetts

July 30, 2025 9:00 AM

Newmark announces the company has arranged the sale of 23 Frontage Road, a flex/R&D building located 25 miles north of Boston in Andover, 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 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 secured acquisition financing on behalf of Rhino Capital Advisors LLC.

“23 Frontage Road offers an exceptional re-leasing opportunity in Boston’s northern suburbs,” said Sleeper. “The surrounding area is the region’s most desirable cluster for employers in the medical, life science and technology manufacturing segments, given its access to labor pools across both northern Massachusetts and southern New Hampshire.”

Totaling 64,200 square feet across two stories, 23 Frontage Road is presently 100% leased on a short-term basis to a security technology company. The property is located on a 4.3-acre site adjacent to Interstate 93 and just three miles from Interstate 495.

According to Newmark Research, Greater Boston’s capital markets are beginning to thaw, with a growing number of owner-user and lender-facilitated transactions emerging. As fundamentals search for a bottom and pricing resets, suburban assets with repositioning potential—particularly along major corridors—are seeing renewed investor engagement.

Newmark Financial Analysts Grady Zink and Harrison Zucco provided analytical support for the transaction.

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 March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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