Newmark is pleased to announce two lease extensions totaling 46,966 square feet at Riverworks at Aetna Mills, located at 480 Pleasant Street in Watertown, Massachusetts. Former subtenants, Markforged–an industry leading industrial 3D printer manufacturing company–and InCrowd–a provider of real-time pharma intelligence to pharmaceutical companies worldwide–both extended their 36,291- and 10,675-square-foot leases, respectively, on a direct basis with the landlord, Paradigm Properties.
Newmark Executive Managing Director Mark Roth, Associate Brianna Piacitelli, and Managing Directors Brendan Daly and Matthew Malatesta represent the owners in the building’s leasing activities. JLL’s Chris Lawrence represented Markforged and T3 Advisors’ Brooke Blue represented InCrowd in the leases.
“That two high-quality subtenants transitioned to direct tenants at the Riverworks building in the midst of COVID-19 is a sign of the desirability of high-quality brick and beam buildings and the fundamentals of the Watertown office market,” said Newmark’s Roth of the transaction. “Urban Edge markets like Watertown continue to draw and hold the interest of TAMI tenants as limited parking and high rents characterize nearby Cambridge and Boston.
Riverworks, built in 1907, is the premier brick and beam office building in the inner suburban market. Featuring a full amenity offering and sweeping views of the Charles River, the property is just a mile from Watertown Square, three miles from Cambridge and seven miles from the Boston CBD.
According to Newmark Research, vacancies in the Watertown office market are just 2.4 percent and asking rents–which have nearly doubled over the last five years–are averaging roughly $40 per square foot. Watertown is an emerging life science hub, with more than one million square feet of new lab development in the planning pipeline.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,800 professionals operate from approximately 500 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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