December 21, 2020 11:30 AM
Newmark announces the $72.5 million sale of One Patriots Park, a Class A laboratory building located 20 miles northwest of Boston in Bedford, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, Longfellow Real Estate Partners and Bain Capital, and procured the buyer, Jumbo Capital Management and Iron Point Partners. Newmark Senior Financial Analyst Dominick Romano provided financial analysis support.
Comprising 143,616 square feet, One Patriots Park benefits from significant base building and tenant improvements that have transformed the former flex/R&D asset into a modern Class A laboratory facility. It is presently 66% leased as the headquarters of Homology Medicines, Inc., a gene editing and gene therapy company backed by global medicine giant Novartis, and N2 Biomedical, an innovator in ion beam technology that provides services to the medical device industry.
“One Patriots Park is well positioned in a premier life science/technology hub,” said Samantha. “The ‘cluster effect’ has driven a critical mass of innovative companies to the area, which comprises parts of Bedford and neighboring Lexington.”
One Patriots Park is proximate to Interstate 95/Route 128 and Route 3, two major regional highways. The asset also features convenient shuttle service and bicycle connectivity to the MBTA Red Line’s Alewife station in West Cambridge.
According to Newmark Research, the Bedford-Lexington micromarket is home to 1.7 million square feet of laboratory inventory, 1.1 million square feet of which is classified as Class A.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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