October 27, 2021 11:00 AM
Newmark announces the $160 million recapitalization of 200 Inner Belt Road, a Class A office, laboratory and biomanufacturing complex located in Somerville, 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 represented North River Company and North Colony Asset Management and procured Wheelock Street Capital for the transaction. Newmark Senior Financial Analyst William Sleeper provided financial analysis support and Newmark’s Boston Debt & Structured Finance Group arranged financing for the transaction with Barings as the lender.
Totaling 191,089 square feet, 200 Inner Belt Road is presently 100% leased to five tenants. The asset is anchored by the Somerville Research Facility of Harvard University/Harvard Art Museums, the biomanufacturing/laboratory headquarters of Finch Therapeutics and the corporate headquarters of Triumvirate Environmental.
“200 Inner Belt Road offers an attractive combination of in-place cash flow and future upside with 400,000 square feet of by-right development potential on its 7.92-acre site,” said Maher. “The asset further benefits from an exceptional transit-oriented location along the highly-anticipated MBTA Green Line Extension.”
200 Inner Belt Road is situated adjacent to the MBTA Green Line’s upcoming East Somerville station, which will provide it with direct connectivity to East Cambridge, the life science epicenter of the world, and North Station, one of Downtown Boston’s two primary transportation hubs.
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. 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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