NGKF Capital Markets has successfully completed the sale of 101 Tremont in Downtown Boston, Massachusetts to GLL Real Estate Partners. The NGKF Capital Markets Boston team, led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen, oversaw the transaction of the fully-renovated asset on behalf of Paradigm Properties and Alcion Ventures.
An 11-story office and retail building, 101 Tremont recently underwent extensive base building and tenant improvements that successfully transformed the asset into a premier mixed-use property. Presently, 101 Tremont is 100 percent leased to three innovative healthcare firms complemented by on-site retailers Beantown Pub, Hollywood Nails, Silvertone and Ziggy’s Coffee Bar.
“Combining historic character with modern infrastructure, 101 Tremont represents an exceptional ‘creative core’ asset,” said Maher. “Additionally, the building boasts an unmatched location along Boston’s Freedom Trail just steps from the MBTA’s Park Street station.”
According to Kevin McCall, Paradigm’s CEO, “We and Alcion are very pleased with our team’s execution on this investment. The leasing and capital markets both responded very well to our vision of transforming an overlooked Class B office building in the rapidly-evolving Downtown Crossing neighborhood into the collaborative space sought by today’s tenants, and NGKF did a terrific job getting this opportunity in front of the right group of buyers.”
By virtue of its positioning within Downtown Boston’s “path of progress,” 101 Tremont is surrounded by both recently completed and highly anticipated new developments, including the Godfrey Hotel and Millennium Tower. The property is also located adjacent to the Boston Common, burgeoning Downtown Crossing neighborhood and prestigious MGH Medical Cluster. In addition to creating a vibrant “live-work-play” environment, this transit-oriented destination provides superior multi-modal accessibility.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’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, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’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.
NGKF 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 http://www.bgcpartners.com/.
About Paradigm Properties
Founded in 1997, Paradigm Properties, LLC is a full service commercial real estate company, providing clients with a comprehensive and expandable suite of services that include asset management, property management, consulting and workout assistance, leasing management, and development services. Through its investment management affiliate, Paradigm Capital Advisors, LLC, Paradigm currently owns and manages more than 6 million square feet of office and industrial space in the northeast, mid-Atlantic, and mid-west through its offices in Boston, MA, Columbus, OH, and Hartford, CT.