June 7, 2022 11:00 AM
Newmark announces the sale of Park 9, a four-building campus with life science conversion potential in the suburban Boston community of Wellesley, 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, BentallGreenOak on behalf of Sun Life, and procured the buyer, Beacon Capital Partners.
Totaling 375,058 square feet, Park 9 encompasses four buildings with high-quality office interiors and abundant modern amenities plus a six-story structured parking garage. It is anchored by three long-term, credit-rated office tenants—Sun Life, Morgan Stanley and Boston Children’s Hospital—and features a 120,000-square-foot asset that is well positioned for immediate laboratory conversion.
“Park 9 offers the exact type of self-contained, amenity-rich, mixed-use campus environment that appeals to life science users,” said Maher. “The park further benefits from a highly-visible, strategic location in the southwest quadrant of suburban Boston’s key Route 128/Route 9 interchange.”
In addition to Route 128 and Route 9, Park 9 facilitates swift access to Interstate 90 (Massachusetts Turnpike), which provides a direct connection to both Cambridge (13 miles away) and Boston (16 miles away). The campus is also situated between two public transit routes—the MBTA commuter rail’s Framingham/Worcester line and the MBTA Green Line’s D branch—that connect to the city.
Newmark Senior Financial Analyst William Sleeper provided financial analysis support on 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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