Newmark announces the $1.2 billion recapitalization of 50 + 60 Binney Street, two state-of-the-art life science buildings located in Cambridge, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group procured Norges Bank Investment Management and MetLife Investment Management for the transaction. Newmark Senior Financial Analyst William Sleeper provided financial analysis support.
Presently 100% leased, 50 + 60 Binney Street features 532,395 square feet of upper-level laboratory/office space and street-level retail space complemented by six levels of below-grade parking.
“50 + 60 Binney Street is a first-class asset in the life science epicenter of the world,” said Maher. “This transaction speaks to the strength of the Cambridge market and its continued appeal for tenants and owners alike.”
50 + 60 Binney Street is situated in Kendall Square, Cambridge’s primary life science destination. The asset benefits from a transit-oriented location between two MBTA subway stations—Kendall/MIT along the Red Line and Lechmere along the Green Line.
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 start-ups 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 in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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