Newmark Grubb Knight Frank (NGKF) is pleased to announce that it has recently completed three lease transactions totaling 17,405 square feet at Watermill Center in Waltham, Massachusetts on behalf of Intercontinental Real Estate Corporation (“Intercontinental”), the building’s landlord. Over a 24-month period, NGKF has completed a total of 33,576 square feet of leases at Watermill Center, bringing the property’s occupancy to 97 percent.
Built in 1984, Watermill Center is a premier six-story, 209,459-square-foot, Class A office building set on a seven-acre campus overlooking the Charles River Basin and the Stony Brook Reservoir. The property is centrally located in Waltham, approximately ten miles west of downtown Boston in the Route 128 Central submarket. Intercontinental purchased Watermill Center in 2014 and has since invested significant capital into the building including a dramatically updated two-story lobby and renovated café space. In addition to these amenities, Watermill Center offers a fitness center, tenant conference room, dynamic indoor and outdoor common areas, covered parking and on-site property management.
“Since purchasing and upgrading Watermill Center, we have pulled tenants from Kendall Square, Wellesley and the Back Bay, reached 97 percent occupancy and achieved rent growth of more than 20 percent,” said Scott Kelly, regional director of asset management at Intercontinental.
The most recent 17,405 square feet of leases at Watermill Center were signed with Great Elm Capital Group, Inc., The Harvest Group of UBS Financial Services and IPVision, Inc. Great Elm Capital Group, Inc. leased 8,360 square feet and is relocating from 200 Clarendon Street in Boston. The Harvest Group of UBS Financial Services, a six-person wealth management team, inked 6,444 square feet at Watermill Center. The firm relocated from 55 William Street (Wellesley Office Park) in Wellesley, Massachusetts. Additionally, IPVision, Inc., a patent and technology analysis and consulting firm, signed a lease of 2,601 square feet and relocated from 139 Main Street in Cambridge, Massachusetts. The NGKF team comprised of Mark Roth, Matt Malatesta, Brendan Daly and Blake McLaughlin represented Intercontinental Real Estate in the lease negotiations.
“Watermill Center is the closest office building to the Intersection of the Mass Pike and Route 128. In a full employment economy with busy roads, tenants are placing a higher value on the ease of access to their work places,” said NGKF’s Roth.
About Intercontinental Real Estate
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $6 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add development projects.
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.