Newmark announced today the successful completion of the $114 million sale of Constitution Wharf in the historic Charlestown neighborhood of Boston, Massachusetts on behalf of National Development and Charles River Realty Investors to Jamestown. Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and 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 three-building office complex in conjunction with Newmark Executive Managing Director David Townsend and Senior Managing Director Timothy Bianchi.
Totaling 179,308 square feet, Constitution Wharf comprises One Constitution Wharf, a 133,677-square-foot building anchored by Walmart-owned Shoes.com, Partners HealthCare affiliate Home Base Veteran & Family Care and law firm Campbell Conroy & O’Neil, P.C.; Two Constitution Wharf, a 36,067-square-foot building occupied by the MGH Institute of Health Professions; and Three Constitution Wharf, a 9,564-square-foot building occupied by a Bright Horizons daycare/preschool.
“Constitution Wharf represents rare waterfront real estate,” said Pullen. “It further benefits from its exceptional proximity to the North Station area, which is undergoing a dramatic mixed-use transformation, while offering an attractive rental rate discount to Downtown Boston.”
Constitution Wharf benefits from a multi-million-dollar repositioning completed in the past two years. A variety of lobby, Harborwalk and common area upgrades - including Fooda lunch service, a café, a fitness center, a game room and an outdoor lounge complemented by illuminated art installations that reflect Boston Harbor’s tides in real time - and significant tenant investment have transformed the complex into a modern, collaborative workplace. Additionally, Castle Island Brewing Co. operates a highly popular beer garden on site.
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.
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