March 2, 2022 10:00 AM
Newmark announces the $14.3 million sale of 328-330 Cambridge Street, a government-leased office building located in Burlington, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Senior Managing Director Michael Greeley and Associates Joseph Alvarado, George Demoulas and Casey Valente of the firm’s Boston Capital Markets and Private Capital Groups represented the seller and procured the 1031 buyer. Newmark Senior Managing Director Andy Gallas and Managing Director Gino Tabbi of the firm’s Government Capital Markets Team provided support on the transaction as well.
Completed in 2020, 328-330 Cambridge Street is a single-story, 21,000-square-foot asset that was designed and constructed specifically to accommodate its sole tenant—the Commonwealth of Massachusetts’ Department of Children and Families (DCF).
“328-330 Cambridge Street presented an extremely rare opportunity to acquire a government-leased asset that features a true net lease structure,” said Valente. “The property was built-to-suit as a mission-critical location for DCF.”
328-330 Cambridge Street benefits from public transit accessibility, is situated adjacent to an MBTA bus stop and features 72 on-site parking spaces. The asset is prominently positioned along Route 3A and less than five miles from the junction of Interstate 95 and Route 3.
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. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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