Newmark Arranges Sale of Class A R&D Asset in Andover, Massachusetts

April 7, 2025 9:00 AM

Newmark announces the company has facilitated the sale of 150 Minuteman Road, a Class A R&D asset in Andover, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin and Boston Capital Markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper represented the seller, BGO, and procured the buyer, Optimum Asset Management.

Totaling 112,148 square feet, 150 Minuteman Road is fully leased to global medical technology company Smith+Nephew. The tenant has occupied the property since its construction in 2002.

“Smith+Nephew has invested significant capital into customizing and upgrading 150 Minuteman Road,” said Hallowell. “This has created a high-end R&D flagship for a committed tenant with a highly functional interior buildout and specialized equipment.”

“We are excited to add 150 Minuteman Road to Optimum’s greater Boston portfolio in alignment with our strategy of acquiring best-in-class R&D facilities with durable in-place cashflow in established markets,” said Matthew Barry, CEO of Optimum Asset Management USA. “We appreciate the hard work and seamless execution by Newmark and BGO and look forward to future transactions.”

150 Minuteman Road is one of six buildings comprising Minuteman Park, a one-million-square-foot, master-planned R&D campus with abundant amenities. The building is located directly off Interstate 93 and moments from Interstate 495, placing it just five miles south of the New Hampshire border and 25 miles north of Boston.

Newmark Financial Analyst Grady Zink provided support for the transaction.

About Optimum
Optimum Asset Management is a vertically integrated real estate investment and development firm with $2.0B AUM specializing in US R&D real estate and multifamily development. Optimum is a long-term believer in R&D real estate in innovation hubs as a resilient, income-driven asset class. Optimum capitalizes on market dislocations to acquire infrastructure-rich assets at a discount and generate value through stable cash flow from sticky tenants, whose on-site presence is critical due to the collaborative, equipment-intensive nature of their work. Optimum’s approach to real estate investing is driven by their deep understanding of the real estate and finance markets, the development and operational expertise of their highly experienced team and their commitment to a long-term value creation philosophy. For more information, please visit www.optimumam.com.

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. For the twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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Statements in this document regarding Newmark 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. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.