February 16, 2021 10:00 AM
Newmark announces the $1.5 billion recapitalization of 401 Park / 201 Brookline, a 1.5 million-square-foot urban mixed-use life science campus located in the Fenway submarket of Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and Frank Nelson, Senior Managing Director Michael Greeley and Managing Director Samantha Hallowell of the firm’s Capital Markets Group represented the seller, a joint venture between institutional investors advised by J.P. Morgan Global Alternatives and Samuels & Associates, and procured the buyer.
401 Park / 201 Brookline comprises three fully-integrated components situated on nearly nine acres of land – 401 Park Drive, an existing 973,145-square-foot office/retail tower; 201 Brookline Avenue, a 510,116-square-foot laboratory/office/retail tower that is currently under construction; and potential for an additional phase of commercial development. Samuels & Associates retains a minority interest in the campus and will continue to operate, lease and lead development activities for the site in conjunction with the majority owner. Located next to an MBTA Green Line station, the campus incorporates a recently created 1.1-acre park that provides direct access to both of its newest retailers–Time Out Market and Trillium Brewing Company–and features community activations ranging from warm-weather entertainment and classes to a winter ice skating rink.
“This transaction is indicative of the momentous wave of life science activity that has taken place in Greater Boston throughout the past year,” said Edward. “We expect life science to continue to be a bright spot for the market in 2021.”
The area surrounding 401 Park / 201 Brookline features an eclectic mix of shopping, dining, cultural and entertainment destinations, including historic Fenway Park.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $155 billion in assets under management and more than 600 professionals (as of September 30, 2020), it offers strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from offices throughout the Americas, Europe and Asia Pacific, its 14 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: jpmorganassetmanagement.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements About Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.