Newmark is pleased to announce that it has recently completed two new leases to Markem-Imaje and its parent company, Dover Corporation, at 65 Grove Street in Watertown, Massachusetts on behalf of the property owner, Cresset Development. This lease will serve as a new product innovation and design center for Markem-Imaje, focusing on industrial laser marking and printing products.
Newmark’s Phil Giunta, executive managing director, George Nugent, executive managing director, Dan Krysiak, senior managing director, and Nick Baxter, associate, represented Cresset Development in the lease negotiations and Duncan Gratton of Cushman & Wakefield represented Markem-Imaje and Dover Corporation.
65 Grove Street is a 115,000-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, workout facilities/locker rooms, 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.
Markem-Imaje, a wholly owned subsidiary of the US-based Dover Corporation, is a trusted world manufacturer of product identification and traceability solutions, offering a full line of reliable and innovative inkjet, thermal transfer, laser, and print and apply label systems. Markem-Imaje is leasing 14,404 square feet on the second floor of 65 Grove Street, and Dover Corporation is leasing 3,719 square feet, also on the second floor. Both firms will move into 65 Grove Street in August, once build-outs are complete.
“Cresset is pleased to welcome Markem-Imaje and Dover to 65 Grove Street,” said John Baxter of Cresset Development. “Both firms are a great fit and join a strong roster of tenants including Bosch Thermotechnology, Inc. and Lyndra.”
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, a beautiful courtyard and amenities.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, 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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