Newmark announces the $36.55million sale of Newton Wellesley Executive Office Park, a four-building office and medical office campus that is located in the suburban Boston community of Wellesley, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Frank Nelsonand Senior Managing Director Michael Greeleyof the firm’s Boston Capital Markets Group represented the seller, The Nelson Companies, and procured the buyer, Lincoln Property Company and Stars Real Estate Investments.NewmarkSenior Managing Director DanielKrysiak provided local leasing expertise,Senior Financial Analyst Nickolas Reversprovided financial analysis supportand Associate Allie Percocoprovided transactional support.
Totaling 129,872 square feet, Newton Wellesley Executive Office Park is presently 93% leased to a diverse rent roll anchored by a combination of longstanding office tenants and recently-signed medical office users.
“With its exceptional location, Newton Wellesley Executive Office Park has long been a highly-desirable address for the area’s prominent office tenants, and increasingly in recent years, top physician groups in the market,” said Greeley. “Many of the region’spremier medical providers,including several clinical affiliates of nearby Newton-Wellesley Hospital, call the park ‘home’ and we expect that trend to continue in the coming years.”
Newton Wellesley Executive Office Park comprises four addresses—40, 60, 62 and 70 Walnut Street—along the region’s premier Interstate 95/Route 128 corridor. The assets are also conveniently located just one mile from Mass General Brigham’s 273-bed Newton-Wellesley Hospital.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
