Newmark Capital Markets has successfully completed the sale of Stony Brook Office Park in Waltham, Massachusetts to Jumbo Capital and Sound Mark Partners for $80,058,000. Led by U.S. Head of Capital Markets, President, New England Area Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Director James Tribble and Associate Director Samantha Hallowell, the Newmark Capital Markets Boston office oversaw the transaction of the 16-acre campus on behalf of Clarion Partners. Newmark Capital Markets’ Boston-based debt team, led by Executive Managing Director David Douvadjian and Director Timothy O’Donnell, oversaw financing for the transaction on behalf of the buyer.
“Throughout our ownership of Stony Brook Office Park, the asset has consistently posted strong performance,” said Brian Collins, senior vice president at Clarion Partners. “Our team is pleased with the successful execution of this transaction by all parties.”
Stony Brook Office Park comprises four interconnected buildings totaling 270,196 square feet of institutional-quality office space at 130 Turner Street complemented by a 3,925-square-foot retail asset at 5 Turner Street. Presently 100 percent leased, the property is anchored by Brainshark, Wolters Kluwer, TIAA, Stanley Black & Decker, Ultratech, DDJ Capital Management and Wells Fargo.
“Jumbo and SMP are excited to own this iconic Waltham property,” said Jay O. Hirsh, managing partner and co-founder of Jumbo Capital. “We really enjoyed working with Newmark and especially the Clarion team who superbly managed the asset.”
Visible from Interstate 95 (Route 128), less than five minutes from Interstate 90 (Massachusetts Turnpike) and within walking distance of the Brandeis-Roberts MBTA commuter rail station, Stony Brook Office Park offers exceptional highway and public transit access. The asset is also conveniently located adjacent to Brandeis University and just two miles from Moody Street, Waltham’s primary retail/restaurant corridor.
“Stony Brook Office Park enjoys a superior location in Waltham, suburban Boston’s strongest and most established office cluster,” said Pullen. “Additionally, the asset is well positioned among a high-performing competitive set that has consistently outpaced the overall market in terms of rental rate growth in recent years.”
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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