Newmark announced today the successful completion of the $270 million sale of 109 Brookline Avenue in Boston, Massachusetts on behalf of Equity Commonwealth to IQHQ (formerly Creative Science Properties). Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and Frank Nelson, Managing Directors Michael Greeley and Samantha Hallowell and Associate Director Blake McLaughlin of Newmark’s Boston Capital Markets group oversaw the transaction of the 285,000-square-foot office, medical and laboratory asset.
109 Brookline is presently 99 percent leased to Beth Israel Deaconess Medical Center, Dana-Farber Cancer Institute and Boston Children’s Hospital - all of which operate flagship hospitals in the adjacent Longwood Medical and Academic Area (LMA) - as well as Toast, a fast-growing technology startup.
“Offered for the first time in 25 years, 109 Brookline features an exceptional combination of tenancy, location and upside within one of the United States’ top investment markets,” said Maher. “The asset is anchored by three Harvard Medical School-affiliated institutions, located along the Green Line, just steps from both Fenway Park and the LMA and surrounded by a wealth of synergistic new developments.”
109 Brookline is strategically situated within two blocks of two MBTA stations - Lansdowne and Fenway - that offer rapid transit connections to the LMA, Kenmore Square, the Back Bay, Downtown Boston and Cambridge. The asset is surrounded by a growing amenity base highlighted by Fenway Center, Fenway Theater, Time Out Market, Trillium Fenway and a proposed residential project by British developer Scape.
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 18,000 professionals operate from approximately 480 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.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.