Newmark is pleased to announce the completed 8,017-square-foot, long-term medical office lease to Fresenius Kidney Care (Fresenius) at 981 Worcester Street in Wellesley, Massachusetts. The tenant will use the space for outpatient kidney care, dialysis and office operations. Newmark Senior Managing Directors Dan Krysiak and Michael Greeley represented the building owner, CEA Group, in the lease negotiations.
CEA Group is currently converting the 28,120-square-foot, two-story, Class A office building’s use into solely medical office. Following Fresenius’ pre-construction lease commitment, the building can accommodate tenants between 5,000 to 20,000 square feet with smaller spaces being delivered as early as the fourth quarter of 2020 and the larger spaces being delivered in the Spring of 2021.
Steve Cohen, Principal of CEA Group, said of the decision to realign the property’s use, “Our market studies indicated a shortage of high-quality medical office space in the Wellesley market area. We are thrilled with Fresenius’ pre-construction commitment to take space in the building; it is evidence of both the market demand as well as the strength of the project.”
The building’s features include Route 9 visibility and frontage, a premier signage opportunity, a signaled left-hand turn, an abundance of parking–4 spaces/1,000 square feet, oversized windows and 12’ clear ceiling heights. “In addition to all of the building features, the rare protected left-turn access and egress into the site from Route 9 with incredible visibility to over 50,000 cars each day make the asset an ideal first-class medical building,” added Ron Golub, Partner at CEA Group.
“981 Worcester Street is uniquely positioned to attract medical tenants seeking first-class medical space within the close-in suburbs of Boston to accommodate patients who prefer an alternative to traveling into Boston for their services,” said Newmark’s Krysiak.
Home to some of the most prestigious hospitals and healthcare facilities in the world, Greater Boston remains one of the top medical office markets in the country. Wellesley, specifically, boasts access to Newton-Wellesley Hospital and maintains proximity to many of the metro’s most affluent bedroom communities, according to Newmark Research.
Jeff Bruk, Principal of Bruk Realty Advisors, who represented the tenant, said of his client’s new space, “Route 9 has become an important east-west corridor for Fresenius’ patients and the new clinic location will contribute to Fresenius’ long-term success.”
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 18,000 professionals operate from approximately 480 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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