Newmark has successfully completed the sale of 226 Causeway in Boston, Massachusetts to Rockpoint Group for $107 million. On behalf of Invesco, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Director James Tribble and Associate Director Samantha Hallowell of Newmark’s Boston Capital Markets team, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the best-in-class retail/office condominium.
Totaling 192,890 square feet, 226 Causeway features a diverse tenant roster anchored by the corporate headquarters of two divisions of TripAdvisor (NASDAQ: TRIP), Oxfam America and the Boston Celtics as well as a key regional office for Stantec (NYSE: STN). Its street-level retail component includes Equal Exchange Café and Title Boxing Club.
“226 Causeway epitomizes the ‘cool core’ investment profile, offering stable cash flow and tangible upside potential,” said Maher. “The asset is the beneficiary of significant capital improvements, resulting in best-in-class physical infrastructure highlighted by rare 35,000-square-foot floor plates and up to 13’5” ceiling heights.”
226 Causeway benefits from an exceptional transit-oriented location directly adjacent to North Station, the Leonard P. Zakim Bridge and Interstate 93. The asset is immediately surrounded by a white-hot mixed-use neighborhood highlighted by The Hub on Causeway, a transformative 1.5 million-square-foot residential, retail and office addition to the TD Garden, a prominent event venue that serves as home to the Boston Bruins and Boston Celtics.
About Rockpoint Group
Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm and Registered Investment Adviser with its headquarters in Boston and with additional primary offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located primarily in major coastal markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 13 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised approximately $19 billion in capital commitments and invested or committed to invest in 412 transactions with a total peak capitalization in excess of $56 billion (inclusive of fund equity, co-investor equity and debt).
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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