Newmark Completes $58 Million Sale of 50 Minuteman Road and 6 Technology Drive in Andover, Massachusetts

July 24, 2023 9:00 AM

Newmark announces the $58 million sale of 50 Minuteman Road and 6 Technology Drive, two fully leased Class A office/R&D buildings located 25 miles north of Boston in Andover, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Senior Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, Peakstone Realty Trust, and procured the buyer, Rhino Capital Advisors.

Totaling 145,262 square feet, 50 Minuteman Road serves as the United States headquarters of Mercury, a leading provider of technology solutions for the aerospace and defense industry. Totaling 128,400 square feet, 6 Technology Drive serves as a design, development and manufacturing flagship for Dräger, a leading manufacturer of medical and safety technology products.

“50 Minuteman Road and 6 Technology Drive benefit from irreplaceable on-campus locations within the premier life science cluster in Boston’s northern suburbs,” said Pullen. “Presently, each asset is 100% leased as a mission-critical facility for a global technology firm with high-quality base building infrastructure and a first-class interior buildout.”

50 Minuteman Road and 6 Technology Drive are surrounded by more than two million square feet of existing and upcoming life science inventory. The assets further benefit from immediate highway access, situated off Interstate 93 and moments from Interstate 495.

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 year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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