April 7, 2022 12:00 PM
Newmark announces the $32 million sale of 690 Canton Street, an office building with life science conversion potential in the suburban Boston community of Westwood, 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 the seller, L&B Realty Advisors, and procured the buyer, a joint venture between Outshine Properties and Jadian Capital. Senior Financial Analyst William Sleeper provided financial analysis support. Additionally, Newmark’s Boston Debt & Structured Finance Group arranged financing for the transaction with J.P. Morgan.
Totaling 164,695 square feet across four stories, 690 Canton Street is presently 73% leased to seven tenants. The asset features reusable in-place infrastructure for laboratory tenants with 13’ floor-to-floor heights and basement-level support spaces, including a loading dock and mechanical and electrical rooms.
“690 Canton Street benefits from a highly-desirable location just 20 miles from Boston along the region’s coveted Route 128 corridor,” said Hallowell. “Consequently, it is surrounded by a fast-growing, synergistic cluster of new life science, biomanufacturing and R&D developments.”
690 Canton Street is situated adjacent to University Station, a two million-square-foot mixed-use complex featuring shopping, dining, office, residential, hotel and medical components. The asset also benefits from a transit-oriented location with walkability to the Route 128 MBTA/Amtrak train station and swift vehicular access to Interstates 95 (Route 128) and 93.
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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