June 14, 2022 1:30 PM
Newmark announces the $4.05 million sale of 189 Wells Avenue, an office building located within Wells Avenue Business Park in Newton, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin and Associates Joseph Alvarado, George Demoulas and Casey Valente of the firm’s Boston Capital Markets and Private Capital Groups represented the seller, Wingate, and procured the buyer, Legacy Real Estate Ventures. Newmark Executive Managing Director Mark Roth provided leasing expertise and additional support for the transaction.
Totaling 31,291 square feet, 189 Wells Avenue was initially placed under agreement at a 41% occupancy rate. During the sale process, leasing traction increased significantly, resulting in an 83% occupancy rate upon close. Tenants include several law firms, a video surveillance company and a non-profit. The asset offers 5,100 square feet of space that is currently available for lease.
“189 Wells Avenue presents an attractive office repositioning opportunity,” said Alvarado. “The asset benefits from a prestigious Newton address within a coveted mixed-use business park.”
“This building fits perfectly into the Legacy portfolio, where there are vacancy challenges and cosmetic needs that can be immediately addressed to create value,” said Michael Price, Principal of Legacy Real Estate Ventures. “The Wells Avenue office market is incredibly strong. Mark Roth and the Newmark team have worked hard to fill the building and the Wingate team has been supportive of the leasing activity, allowing us to get a head start.”
Wells Avenue Business Park is home to a diverse office, life science, medical and academic tenant roster. Nearby users include Bright Horizons, CyberArk, Karyopharm Therapeutics, NeuroCare, the UMass Amherst Mount Ida Campus and William James College.
About Legacy Real Estate Ventures
Legacy Real Estate Ventures, based in the South End of Boston, owns a portfolio of 22 office, medical and flex properties throughout Massachusetts and in the Providence and Philadelphia markets. (www.legacyrev.com).
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 of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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