Newmark Grubb Knight Frank (NGKF) has been appointed as the exclusive office leasing agent for 200 Exchange Street in Malden, Massachusetts. Recently acquired by Berkeley Investments, the property is currently undergoing an extensive renovation with sizable capital improvements, to become a transit-oriented new hub for cutting edge tenants, and a new retail destination that will further enliven the growing retail and restaurant scene in Malden Center.
200 Exchange Street is a 314,000-square-foot mixed-use building located in the heart of Malden, Massachusetts, directly across from the MBTA’s Malden Center Orange Line and Commuter Rail station. Originally built as an operations center for Bank of Boston, the four-story property features robust infrastructure and a number of truly rare features for a building in the Boston office market offering such close proximity to the T. The features include 16’ ceilings, abundant floor load capacity, oversized windows, massive power availability, and large, efficient floor plates.
Berkeley Investments acquired the property in April 2016 due to its unique level of existing infrastructure and its potential to serve the Boston region’s growing demand for office space that offers immediate T access, a location within a vibrant surrounding neighborhood and relatively affordable rental rates. To reposition the building, the firm has engaged Stantec to devise a significant renovation program that includes improvements to the streetscape and the building’s curb appeal as well as a complete renovation of the interior spaces. Street level retail will be created on two sides of the building adding to the already vibrant restaurant scene in the area and appealing to the new Millennials living and working in the new downtown. Berkeley intends to turn outdated office space on the upper floors into creative and efficient space by adding sky lights, an atrium, new systems, and incorporating sought after building amenities like a fitness center, shared conference room, bike storage, and updated lobby. NGKF’s Phil Giunta, executive managing director, George Nugent, executive managing director, and Jeremy Roy, managing director, will lead the brokerage team assigned to lease the 200,000 square feet of office space available.
“Given the innovative, cool restaurants, bars and retail immediately available at the property, we foresee 200 Exchange Street successfully drawing forward-thinking companies who are looking to relocate their operations to newly renovated office space offering modern amenities, T access, and attractive rents,” said Giunta. “Coupled with the excellent location, Berkeley Investments’ stellar track record of repositioning assets in emerging markets, and the significant renovations underway, 200 Exchange Street will validate Malden as a hip, vibrant corporate destination.”
Located in Malden Center, 200 Exchange Street offers easy access to public transportation and the Interstate Highway system. Situated directly across the street from the Malden Center T station offering Orange Line and Commuter Rail service to and from downtown Boston in less than 12 minutes, 200 Exchange Street is only five stops from North Station (and non-stop on the commuter rail) and eight stops from Downtown Crossing and the Red Line. The property is positioned alongside Route 60, which provides direct access to Interstate 93 and Route 1, offering multiple convenient commuting routes to Boston, Logan Airport and the North Shore in just minutes. 200 Exchange Street will also further contribute to the significant public and private investment already underway in downtown Malden, including the construction of hundreds of new apartments, relocation of Malden’s City Hall and Police Station, and emergence of a robust and eclectic restaurant scene. With these on-going investments combined with its prime location and access, Malden continues to emerge as an affordable alternative both for the region’s residents and for its cutting edge companies.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
About Berkeley Investments
Berkeley Investments is a Boston-based, real estate investment and development company founded by Young Park in 1991. Since inception, Berkeley has built a strong track record of repositioning under-valued commercial properties throughout the Boston region, from the suburbs to downtown Boston and the Fort Point Channel neighborhood. Berkeley is a vertically-integrated firm with proven in-house property, asset, construction and development management capabilities. Berkeley has acquired and/or developed nearly 17 million square feet of commercial office, flex, parking and multi-family assets since inception, establishing a strong co-investment history with financial partners including domestic and international institutions and high net-worth family offices. For additional information, please visit www.berkeleyinvestments.com.