Newmark announced today the successful completion of the $37.8 million recapitalization of 10 & 20 Mall Road in Burlington, Massachusetts. 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 sale of CrossHarbor Capital Partners’ interest in the property to Battery Global Advisors with RJ Kelly remaining as operating partner.
Totaling 154,378 square feet, 10 & 20 Mall Road comprises two Class A office buildings anchored by Flexion Therapeutics (NASDAQ: FLXN), Infogroup and CCA (Construction Consulting Associates). The property features recently upgraded lobbies, common areas and amenities complemented by first-class tenant build-outs.
“10 & 20 Mall Road represents a ‘like-new’ asset with more than $3 million in base building and tenant improvements completed throughout the past five years,” said Pullen. “The property therefore offers an attractive combination of stability and upside within a prominent location along Mall Road, the primary thoroughfare into the Burlington market.”
10 & 20 Mall Road is strategically situated within close proximity of all of Burlington’s shopping, dining and entertainment amenities. The asset also features immediate access to Interstate 95 (Route 128) and benefits from walkability to an MBTA bus stop.
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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