Newmark Completes Sale of 70 Wells Avenue in Newton, Massachusetts

July 20, 2023 10:00 AM

Newmark announces the $4+ million sale of 70 Wells Avenue, an office building located within Wells Avenue Business Park in Newton, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin and Associate Directors Joseph Alvarado, George Demoulas and Casey Valente of the firm’s Boston Capital Markets and Private Capital Groups represented the seller, Wingate Companies, and procured the buyer, Legacy Real Estate Ventures.

Totaling 28,244 square feet of office and storage space across two stories, 70 Wells Avenue includes a mix of professional service and medical tenants. With this acquisition, Legacy Real Estate Ventures marks the beginning of another attractive office repositioning opportunity–the first being the acquisition of 189 Wells Avenue, also from Wingate Companies, where Newmark represented the seller and procured the buyer.

“On behalf of the team, I would like to congratulate Wingate Companies and Legacy Real Estate Ventures on another successful transaction within Wells Avenue Business Park,” said Alvarado. “This asset is an exceptional complement to ownership’s recently acquired 189 Wells Avenue, the 31,291-square-foot office building they acquired from Wingate Companies last June, and we look forward to witnessing continued milestones at the site.”

“We have had incredible success at 189 Wells Avenue and look forward to replicating our value-add model at 70 Wells Avenue,” noted Jen Price, Principal of Legacy Real Estate Ventures. “The Wingate Companies team, our lenders at Dedham Savings Bank and the Eastport Real Estate Services property managers have all contributed to the smooth ownership transition. We are grateful to Newmark for the opportunity.”

Wells Avenue Business Park is home to a diverse office, life science, medical and academic tenant roster. Nearby users include Bright Horizons, CyberArk, Karyopharm Therapeutics, Mass General Brigham’s Newton-Wellesley Ambulatory Care Center, the UMass Amherst Mount Ida Campus and William James College.

About Legacy Real Estate Ventures
Legacy Real Estate Ventures, based in the South End of Boston, owns a portfolio of 22 office, medical and flex properties throughout Massachusetts and in the Providence and Philadelphia markets. (www.legacyrev.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 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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