July 18, 2022 4:00 PM
Newmark announces the recapitalization of 300 Third Street, a six-story 131,963-square-foot Class A laboratory/office asset located in Cambridge, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller. The transaction is the fourth recapitalization overseen by the group for the seller along Kendall Square’s Binney Street corridor with a total consideration of $3.2 billion since 2019.
300 Third Street’s 129,424-square-foot laboratory/office component is fully leased to Alnylam, a pharmaceutical company that is recognized for developing the world’s first and only RNAi therapeutics. Its 2,539-square-foot retail component is fully leased to Fuji at Kendall, an upscale sushi restaurant. The property also features a 139-space parking garage.
“300 Third Street benefits from strategic positioning along Kendall Square’s coveted Binney Street corridor, which is the heart of the submarket’s life science and technology mecca,” said Maher. “It serves as a mission-critical component of Alnylam’s two-building Cambridge campus, which also includes its global headquarters within the adjacent 675 West Kendall Street.”
300 Third Street is situated within a five-minute walk of the MBTA Red Line’s Kendall/MIT subway station, which facilitates seamless access across the rest of Cambridge and Downtown Boston. The asset is also walkable to the MBTA Green Line’s Lechmere subway station, which now offers connectivity to Somerville and will soon extend to Medford. It further benefits from tenant-exclusive shuttle service to key destinations across Cambridge plus the North Station transit hub in Downtown Boston.
Newmark Senior Financial Analyst William Sleeper provided financial analysis support for the transaction.
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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Newmark Completes Recapitalization of 300 Third Street in Cambridge, Massachusetts
Fourth recapitalization completed by Newmark’s Boston Capital Markets Group for the seller along Kendall Square’s Binney Street corridor, bringing total consideration to $3.2 billion since 2019