Newmark is pleased to announce that it has recently completed three new leases to Karyopharm Therapeutics, Tucker, Saltzman, Dyer & O’Connell, & RSM totaling over 59,000 square feet at Wells Park in Newton, Massachusetts. Newmark Managing Director Matt Malatesta, Executive Managing Director Mark Roth, Managing Director Brendan Daly and Associate Brianna Piacitelli represented the property owner, Jumbo Capital and Angelo Gordon, in the lease negotiations.
Located in the vibrant N2 Innovation District, Wells Park is a recently renovated 370,000-square-foot office campus. It was purchased and rebranded by Jumbo Capital and Angelo Gordon in 2016, and since then extensive renovations have been completed, including both interior and exterior improvements to the park. Ownership’s recent renovations include all new activated lobbies, along with new outdoor amenities including bocce courts and seating on the main lawn. Additional improvements include a new full-service café, ‘grab n go’ food and beverage stations, bike storage, a fitness center, electric car charging, conference and meeting space as well as covered parking.
Headlining the recent activity were two subsequent expansions and extensions by Karyopharm Therapeutics, Inc. (NASDAQ: KPTI), totaling over 51,000 square feet, bringing its footprint in the park to over 95,000 square feet. Headquartered at Wells Park, Karyopharm is a clinical-stage pharmaceutical company focused on discovering, developing, and commercializing novel first-in-class drugs directed against nuclear transport and related targets for the treatment of cancer and other major diseases. Additionally, Tucker, Saltzman, Dyer & O’Connell, a litigation firm serving individuals, businesses and insurance companies, signed for 4,200 square feet, and RSM, a mathematics learning academy serving grades K-12, signed for 3,900 square feet, both at 199 Wells Ave. Brendan Cohn and Jason Fivek of JLL represented Karyopharm, Tom Robinson of CCA Advisors represented Tucker, Dyer & O’Connell and Matt Perry of CRE 128 represented RSM in the negotiations.
“We are pleased with the recent activity at Wells Park,” said Malatesta “Ownership’s capital improvement plan created a connected, amenity rich campus that appeals to businesses focused on recruiting and retaining top talent. The renovations, along with Jumbo Capitals dedication to tenant satisfaction, led to our recent leasing success at the campus.”
About Jumbo Capital Management
Jumbo Capital Management, LLC (“Jumbo Capital”) is a privately held, value focused, commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 by Jay Hirsh, who left Boston-based New Boston Fund, Inc. to pursue investment opportunities brought about by the “great recession”. Jumbo has since grown to over 40 people with leadership having a combined 80+ years of commercial real estate experience. Jumbo Capital invests in all property types and focuses on a range of transactions from $5-$300 million. Currently, the firm manages over 4.1 million square feet of commercial real estate in the Greater Boston area valued at $775 million dollars.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. 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. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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