Newmark has successfully completed the $71 million sale of 10 Memorial Boulevard in Downtown Providence, Rhode Island to Tritower Financial Group. On behalf of RJ Kelly Company, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director 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 10-story trophy office/retail asset and associated 249-space parking garage in conjunction with Hayes & Sherry Partner Pete Hayes.
“We proud to have owned this trophy asset for the past six years and we congratulate Tritower on such a fine acquisition,” said RJ Kelly Company President and Chief Executive Officer Brandon Kelly. “Both Newmark and Tritower performed flawlessly in this transaction.”
Totaling 202,096 square feet, 10 Memorial Boulevard is presently 97 percent leased to a diverse tenant roster anchored by leading end-to-end gaming company IGT, global asset manager Columbia Threadneedle Investments, fine dining restaurant The Capital Grille, investment management company Fidelity and community bank Rockland Trust.
“10 Memorial Boulevard represents the highest-quality multi-tenant office asset in the Providence CBD,” said Tod Brainard, partner and director of acquisitions at Tritower. “It stands out among its competitive set for its superior quality of construction, institutional tenancy and bullseye location in Providence’s CBD.”
Set along the RiverWalk, a heavily trafficked pedestrian pathway connecting some of Providence’s most popular shops, restaurants and historic landmarks, and overlooking Waterplace Park, the city’s primary gathering place, 10 Memorial Boulevard boasts a commanding presence in the heart of Downtown Providence. The asset is conveniently situated adjacent to Interstate 95, within a five-minute walk of a RIPTA bus station and an Amtrak/MBTA train station and just 10 minutes from Green Airport (PVD).
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.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group 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 Group 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 Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.