Newmark is pleased to announce that it has recently completed a 110,684-square-foot long-term lease renewal to Nuvera Fuel Cells LLC at 129 Concord Road in Billerica, Massachusetts.
Nuvera Fuel Cells, a subsidiary of Hyster-Yale Group, Inc., is an alternative-power technology manufacturer of hydrogen supply and fuel cell power products. The firm located its headquarters within the 110,684-square-foot facility in Billerica, Massachusetts in 2006 and approached Newmark to assist with an early lease renewal.
“The market for Class A office and R&D properties was limited and Nuvera wanted to secure a long-term solution for its current and future requirements,” said Richard Ruggiero, executive managing director in Newmark’s Boston office. “Working with ownership, we were able to negotiate favorable renewal terms which allow for a tenant improvement allowance and base building renovations, as well as expansion options to include both office and manufacturing space for potential future growth.”
Built in 1983, the two-story glass and masonry building underwent extensive renovations in 2001. The long-term lease negotiated on behalf of Nuvera will include roof and parking lot renovations, which are set to be completed this year. Newmark’s Executive Managing Directors Ruggiero, Matthew Adams, Torin Taylor, Senior Managing Director Rory Walsh and Brokerage Service Specialist Liz McNeill negotiated the lease renewal on behalf of Nuvera. Brian McKenzie of Transwestern represented ownership, KBS Realty Advisors.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.