Newmark Grubb Knight Frank has orchestrated the purchase of an 89,826-square-foot office building in Cambridge, Massachusetts, by Brookwood Financial Partners, LLC (Brookwood), and will serve as exclusive leasing agent for the property at One Alewife Center.
Chris McMahon and Doug Adamian of Newmark Grubb Knight Frank’s Boston office represented Brookwood, a real estate investment and asset management company based in Beverly, Mass., on the purchase. Ryan Weber, Ellen Cullinan and Adamian comprise the leasing team.
The four-story Cambridge building, located at the intersection of Route 2 and Route 16, has spaces available ranging from 5,000 square feet to a full-floor office with 24,000 square feet. Brookwood plans to update the building systems and common areas and other improvements.
“This is a very strategic investment and repositioning of an asset by Brookwood,” commented McMahon.
“Markets have now tightened in other parts of Cambridge, and we see indications that the Fresh Pond/West Cambridge submarket is on the brink of a strong comeback,” noted Adamian.
Brookwood’s director of acquisitions Thomas W. Brown added, “Brookwood believes the acquisition is happening at a desirable time in the real estate cycle, when significant value can be added to investment purchases.”
One Alewife Center was 53 percent occupied at the time it was acquired from the New Boston
Fund.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank and its London-based partner Knight Frank together operate from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.