Newmark Completes Sale of 10 Liberty Square & 12 Post Office Square in Boston

December 20, 2024 9:00 AM

Newmark announces the sale of 10 Liberty Square & 12 Post Office Square, a Class B office building in Boston, 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 undisclosed seller.

The team, in collaboration with Boston Multifamily Executive Managing Director Michael Byrne, Senior Managing Director Thomas Greeley, Director Devlin Man and Associate Director Casey Griffin as well as Boston Private Capital Associate Directors Joseph Alvarado and Casey Valente, also procured the buyer, Edge Property.

Totaling 49,725 square feet across six stories, 10 Liberty Square & 12 Post Office Square is 53% leased to 10 office and retail tenants. The building is located within the target area of the City of Boston Planning Department’s Downtown Residential Conversion Incentive Program and is well-suited for residential conversion thanks to narrow floor plates, operable windows on four sides, two elevator cores and multiple points of egress.

“10 Liberty Square & 12 Post Office Square offered an exceptional opportunity to leverage Downtown Boston’s Class B office basis reset,” said Hallowell. “It further presents irreplaceable urban real estate with tangible upside potential.”

10 Liberty Square & 12 Post Office Square enjoys a central location in Downtown Boston, surrounded by blue-chip employers, synergistic mixed-use developments, public transit options and regional highways. Downtown Boston offers favorable residential market fundamentals underscored by a single-digit apartment vacancy rate, robust apartment rent growth projections and strong condominium sale prices, according to Newmark’s analysis of CoStar and MLS data.

Newmark Senior Financial Analysts Mickey Chapple and Nickolas Revers and Financial Analyst Grady Zink provided support for the transaction.

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 September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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