August 31, 2021 12:45 PM
Newmark announces the sale of 1 Van de Graaff Drive, a Class A suburban office asset located in Burlington, 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 buyer, FoxRock.
Comprising 157,229 square feet, 1 Van de Graaff Drive is an institutional-quality office asset that benefits from on-site amenities including a full-service cafeteria and fitness center as well as walkability to diverse retail options within the nearby Wayside shopping center.
“1 Van de Graaff Drive offers an attractive combination of in-place income via 73% occupancy and upside potential through the ability to lease up 42,100 square feet of current availabilities,” said Hallowell. “The asset is well located in Burlington, one of Greater Boston’s premier suburban submarkets, with excellent visibility and signage potential along Interstate 95/Route 128.”
Given its seamless access to Interstate 95/Route 128, 1 Van de Graaff Drive facilitates a convenient connection to Downtown Boston in just 30 minutes.
FoxRock is a commercial real estate company that owns and manages more than 4 million square feet of office, biotech, medical office, industrial, residential and retail space. Its portfolio comprises existing assets as well as large-scale development projects and is supported by a team of more than 40 experienced and dedicated professionals. With properties in Massachusetts, Rhode Island, and Florida, FoxRock is continuously expanding across multiple asset classes and locations. Learn more at foxrockproperties.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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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