October 26, 2023 9:00 AM
Newmark announces the sale of 186 Lincoln Street, a nine-story office asset located in Downtown Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Senior Managing Director Samantha Hallowell and Associate Director Joseph Alvarado of the firm’s Boston Capital Markets Group represented the undisclosed seller and procured the buyer, City Realty.
Totaling 73,000 square feet, 186 Lincoln Street is 49% leased to four tenants, all of which operate in the technology or advertising sectors and maintain their headquarters operations on site. The asset benefits from approximately $5 million in recent capital investment, including upgrades to its exterior, lobby, common areas, elevators and building systems, plus the buildout of three spec suites.
“186 Lincoln Street offers a combination of in-place income and value-add opportunity,” said Hallowell. “Its strategically sized floor plates, which range from approximately 6,700 square feet to 9,800 square feet, align well with Downtown Boston’s small-tenant demand.”
186 Lincoln Street benefits from a desirable location just four blocks from the South Station transit hub and is immediately accessible to Interstates 90 and 93. The asset is situated within walking distance of some of Downtown Boston’s most prominent landmarks, highly anticipated new developments and popular amenities.
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 year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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