January 11, 2022 10:00 AM
Newmark announces the $815 million sale of Charles Park, a two-building office complex and associated parking garage located in Cambridge, 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, The Davis Companies and Principal Real Estate Investors, and procured the buyer. Newmark Senior Financial Analyst William Sleeper provided financial analysis support.
The 408,259-square-foot Charles Park comprises two Class A office buildings—One Rogers Street and One Charles Park—complemented by a 656-space, seven-level parking garage. It features reusable in-place infrastructure for life science development, including large floor plates that can provide up to 65,000 square feet of contiguous space on one level, 13’ to 17’ ceiling heights and substantial loading capacity with five loading docks and two freight elevators.
“Charles Park is well positioned along Kendall Square’s rapidly expanding First Street corridor with immediately-recognizable architecture highlighted by its distinctive horseshoe-shaped façade,” said Maher. “The asset is further surrounded by an unmatched laboratory and technology mecca in the life science epicenter of the world.”
Just steps away from Charles Park, the nearly one million-square-foot CambridgeSide complex is undergoing a highly-anticipated residential and retail redevelopment. The asset is also located between two MBTA subway stations (Kendall/MIT along the Red Line and Lechmere along the Green Line), the 168-acre campus of MIT, the brand-new Cambridge Crossing mixed-use development and Massachusetts General Hospital.
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 $2.5 billion for the trailing twelve months ending September 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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