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Newmark Grubb Knight Frank (NGKF) represented 1199SEIU United Healthcare Workers East (1199SEIU) in the leasing of 41,549 square feet at 108 Myrtle Street in Quincy, Massachusetts. 1199SEIU signed the lease following NGKF’s strategic analysis of suitable, local options for the union’s new headquarters.
1199SEIU is the largest healthcare union the United States. With 400,000 members including retirees, its stated mission is to achieve quality healthcare, good jobs and social justice for all. Relocating from 150 Mount Vernon Street in Dorchester, Massachusetts, 1199SEIU selected NGKF to assist in finding the union a more efficient space for its headquarters. NGKF’s Managing Director Jeremy Roy led the brokerage team representing 1199SEIU in the search for its new space, along with Executive Vice President Mike Edward and Senior Managing Director Leeanne Rizzo. The team ultimately selected 108 Myrtle Street based on its location, recent capital improvements and floor plates. 1199SEIU will take occupancy of the new Class A space in June 2016.
“While initially reluctant to relocate from their long-term home in Dorchester, 1199SEIU is thrilled to have found everything they were looking for in a new headquarters at 108 Myrtle Street,” said Roy. “The labor union will enjoy great economics and tremendous lease flexibility over the course of their tenancy at the new location. 108 Myrtle Street is also providing a brand new turn-key buildout with no construction expense risk exposure for our client.”
“The NGKF team was a pleasure to work with,” said Frank Borges, director of operations at 1199SEIU. “Not only did NGKF find us an efficient new space for our headquarters that is ideally located in Quincy, the team worked tirelessly to ensure we received favorable lease terms. NGKF also secured favorable expansion, renewal, termination and signage rights to maximize our flexibility moving forward. We look forward to making our new home at 108 Myrtle Street.”
108 Myrtle Street is a six-story, 160,882-square-foot, Class A office building. Owned and managed by Campanelli Trigate Myrtle Quincy LLC, the property was built in 1988 and was recently renovated in 2015. Recent capital improvements included a state-of-the-art lobby, common area and system upgrades including a new energy management system, newly designed restrooms and common hallways. The newly renovated property now features an on-site gym and café, ample parking and an updated security system. 108 Myrtle is conveniently located six miles south of Boston’s Financial District and offers easy access to public transportation.
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 12,800 professionals operate from more than 370 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 www.bgcpartners.com.