Newmark Capital Markets has successfully completed the sale of CenterPoint in Waltham, Massachusetts for $86 million. On behalf of Rubenstein Partners (including its affiliates), Newmark Capital Markets Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the creative office complex to Hilco Real Estate in conjunction with Newmark Executive Managing Director Mark Roth.
Totaling more than 440,000 square feet, CenterPoint comprises two buildings - 41 Seyon Street and 43 Foundry Avenue. Formerly serving as an R&D and manufacturing hub for Raytheon, the complex has been transformed into a modern multi-tenant campus via substantial capital investment throughout the past 10 years. The property is presently anchored by Repligen, EDC (Education Development Center) and Simpson Gumpertz & Heger.
“We acquired CenterPoint in 2013 after identifying this asset as a uniquely positioned ‘creative class’ office asset in an emerging urban infill mixed-use neighborhood. Our original investment thesis was to add value through strategic investment in property renovations while leveraging future office demand for this type of space and location,” said Deke Schultze, principal and regional director of New England at Rubenstein Partners. “That is exactly what has happened at CenterPoint during our ownership and we believe this successful exit supports our initial investment thesis. We are also pleased that our valued joint venture partner, Saracen Properties, will be able to continue to be a part of the new ownership group and the asset’s success in the future.”
CenterPoint is situated within the Charles River Mill District, which comprises 2.6 million square feet of synergistic office, technology, manufacturing and industrial space in addition to a wealth of amenities and approximately 1,000 newly-constructed residential units at the convergence of Newton, Watertown and Waltham. The property also benefits from swift connections to Interstates 95 (Route 128) and 90 (Massachusetts Turnpike).
“CenterPoint represents an exceptional creative office retrofit with first-class tenant buildouts, state-of-the-art building systems, high ceilings and efficient floor plates,” said Pullen. “The complex also boasts an attractive infill location within a thriving suburban Boston innovation cluster.”
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in markets in the Eastern United States that encompass more than two-thirds of U.S. office space inventory. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10 million square feet of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.
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 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
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”.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.