Newmark has successfully completed the sale of 22 Boston Wharf Road & Stillings Garage in the Seaport District of Boston, Massachusetts to Invesco Real Estate, a global real estate investment manager. 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 asset.
22 Boston Wharf Road & Stillings Garage comprises a four-story, 123,875 square foot office building and a six-level, 555-space parking garage. The asset’s office component is presently 97 percent leased to four tenants: Industrious, Mendix, Akcea Therapeutics (NASDAQ: AKCA) and Duck Creek Technologies.
“22 Boston Wharf Road & Stillings Garage features an exceptional location in the Seaport District, which is undeniably Boston’s most dynamic office submarket and newest lifestyle neighborhood,” said Maher. “The property also benefits from adjacency to diverse parking demand generators, including e-commerce giant Amazon’s future flagship office.”
22 Boston Wharf Road & Stillings Garage is easily accessible to all major forms of transportation, including the MBTA Silver Line, South Station, Interstate 90 (Massachusetts Turnpike) and Logan International Airport. The asset is also surrounded by a synergistic roster of blue-chip employers including Alexion, Boston Consulting Group, Cengage, Fidelity, GE, Goodwin, LogMeIn, PTC, Reebok and State Street.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.6 billion in real estate assets under management, 496 employees and 21 regional offices across the U.S., Europe and Asia (as of 12/31/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
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.