March 31, 2022 9:00 AM
Newmark announces the recapitalization of 100 Binney Street, a trophy office/laboratory asset 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 and procured the new partner, a joint venture between an institutional investor and CBRE Investment Management. Newmark Executive Managing Director James Tribble provided additional support on the transaction and Senior Financial Analyst William Sleeper provided financial analysis support.
Totaling 432,931 square feet and completed in 2018, 100 Binney Street is anchored by Bristol Myers Squibb, a global pharmaceutical company, and Meta Platforms, Inc., the newly-rebranded parent company of leading social technology platforms including Facebook, Instagram and WhatsApp.
“100 Binney Street was purpose-built to an exceptionally high laboratory standard in the life science epicenter of the world,” said Maher. “This has enabled it to attract an extremely high-quality tenant roster and will continue to drive tangible upside opportunities.”
100 Binney Street’s state-of-the-art office and laboratory space is complemented by street-level retail, a below-grade parking garage and covered bicycle parking with shower facilities. Its tenants benefit from walkability to two MBTA subway stations—Kendall/MIT along the Red Line and Lechmere along the Green Line—and access to a tenant-exclusive shuttle that stops at key destinations across Cambridge as well as North Station in Downtown Boston.
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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