April 1, 2021, 12:00PM
Newmark announces the sale of 147 Milk Street, a trophy urban medical office building located in downtown Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Frank Nelson and Senior Managing Director Michael Greeley of the firm’s Boston Capital Markets Group represented the seller, BentallGreenOak, and procured the buyer, KanAm Grund.
Comprising 52,337 square feet across 10 stories, 147 Milk Street is fully leased to Atrius Health/Harvard Vanguard Medical Associates, the largest independent physicians’ group in New England. The asset serves as a multi-specialty flagship with on-site services including primary care, internal medicine and a wide range of medical and surgical specialties.
“We congratulate the BentallGreenOak team on an exceptional stewardship of 147 Milk Street. Having acquired the asset with full conviction that it was a mission-critical facility for Harvard Vanguard/Atrius Health, they successfully crafted a win-win, long-term renewal providing stability to their tenant and positioning the asset for an ‘ultra-core’ disposition,” said Michael. “The market’s response was tremendous to this unique opportunity, being one of Boston’s few urban medical office buildings and a rare triple-net-leased downtown asset with credit tenancy. As the first Boston investment for KanAm Grund and the first U.S. acquisition in its Leading Cities INVEST Fund, we commend all parties involved for the smooth transfer of this truly generational asset.”
147 Milk Street benefits from a highly-visible corner location just one block from Post Office Square, the epicenter of Downtown Boston. According to Newmark Research, the asset is surrounded by more than 30 million square feet of office space with a daytime workforce population of 152,100 people within a one-mile radius.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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