Newmark Grubb Knight Frank (NGKF) is pleased to announce that it has recently completed a 14,450-square-foot lease to Lyndra at 65 Grove Street in Watertown, Massachusetts on behalf of the property owner, Cresset Development.
65 Grove Street is a 120,000-square-foot office, medical, R&D and life science-ready building located in the desirable city of Watertown, Massachusetts, home to notable corporate neighbors such as Tufts Health Plan, AthenaHealth, NESN, Tetraphase Pharmaceuticals and Forma Therapeutics. Cresset Development acquired the property in June 2014 due to the desirable location and redevelopment potential. The firm recently completed a significant renovation program to reposition the property that included improvements to the building’s curb appeal as well as a complete renovation of the interior space and installation of new building HVAC, mechanicals, electrical systems and roof to maximize the building’s energy efficiency. In addition, Cresset added several sought-after building amenities including a new landscaped courtyard, structured parking, common areas and interior bike storage. The building offers immediate access to the new Watertown Greenway Bike Trail and numerous neighborhood amenities, giving future tenants and employees at 65 Grove Street a unique recreational alternative right outside their door.
The most recent 14,450-square-foot lease at 65 Grove Street was signed by Lyndra, Inc., a healthcare company developing ultra-long acting oral drug delivery technologies. The firm is relocating to the third floor of 65 Grove Street from 134 Coolidge Avenue, also in Watertown. NGKF’s Phil Giunta, executive managing director, George Nugent, executive managing director, and Dan Krysiak, senior managing director, represented Cresset Development in the lease negotiations and Commonwealth Standard Realty represented Lyndra, Inc. Earlier this year, Giunta, Nugent and Krysiak also represented ownership in the 17,188-square-foot lease at 65 Grove Street to Bosch Thermotechnology Corp. to serve as the firm’s new northeast headquarters.
“We are pleased to add another dynamic and growing firm to 65 Grove Street on behalf of Cresset,” said Giunta. “This location offers Lyndra the ability to expand its office/lab space in a newly renovated building, but to remain in the same neighborhood.”
Originally built in 1945, 65 Grove Street is a three-story property featuring a robust infrastructure and a number of truly rare features for a building in the Greater Boston office market offering fantastic proximity to Cambridge and Downtown Boston. With numerous bus lines servicing the immediate area, 65 Grove Street is strategically located just 5-10 minutes from Arsenal Street, Storrow Drive, the Mass Pike, Memorial Drive, Harvard Square and Newton Corner. The property features 12’ ceilings, abundant floor load capacity, new oversized floor-to-ceiling glass windows, significant power, and large, efficient floor plates. In addition, there are 390 on-site parking spaces, nearly 300 of which are covered in a newly constructed garage surrounded by landscaped grounds and a beautiful courtyard.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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 14,100 professionals operate from more than 400 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 www.bgcpartners.com.