Newmark Completes Sale of 640 Memorial Drive in Cambridge, Massachusetts

January 17, 2024 9:00 AM

Newmark announces the sale of 640 Memorial Drive, a 242,477-square-foot life science asset located along the Charles River in Cambridge, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper of the firm’s Boston Capital Markets Group represented the seller, an affiliate of Alexandria Real Estate Equities, Inc., and procured the buyer, Bain Capital Real Estate and Phase 3 Real Estate Partners, in conjunction with Newmark Executive Vice Chairman and President of Western Region Capital Markets Steven Golubchik.

“640 Memorial Drive is a historic asset with an iconic location in Cambridge,” said Maher. “Originally built in 1913 as an automobile manufacturing factory, it now hosts first-class research, development and laboratory facilities for cutting-edge life science tenants.”

Positioned along the Charles River, 640 Memorial Drive is approximately one mile from Cambridge’s Kendall Square neighborhood, which is one of the globe’s most sought-after innovation clusters, and the 168-acre campus of MIT, which is one of the world’s top-ranked institutes of higher education. The asset also benefits from proximity to synergistic medical and life science clusters in Boston’s Longwood Medical Area and Fenway neighborhoods.

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 September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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