Newmark Completes Sale of Vacant Office Building with Flexible Future Use Potential in Malden, MA

August 8, 2024 9:00 AM

Newmark announces it has secured the sale of 75 Pleasant Street, a vacant 125,521-square-foot office building with flexible future use potential in Malden, 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 Directors Joseph Alvarado and Casey Valente of the Boston Capital Markets Group’s office and private capital practices represented the seller and procured the buyer, United Properties.

Encompassing five stories of about 25,000 square feet each, the property offers reusable in-place infrastructure for a variety of office, medical office, clinical or flex requirements. Highlights include 13’8” slab-to-slab heights, 3,000 amps of power, an emergency generator, two passenger elevators, one freight elevator and access rights to 400 parking spaces.

“75 Pleasant Street presents an attractive value-add opportunity in the heart of Malden Center, a rapidly transforming, transit-oriented downtown district in an ‘urban edge’ community just north of Boston,” said Hallowell.

The property is a five-minute walk from the Malden Center MBTA station, which offers direct access to Downtown Boston via the subway (Orange Line) and commuter rail. It is surrounded by more than one million square feet of recent and upcoming mixed-use development, pedestrian-friendly amenities and a densely populated residential community.

Newmark Senior Financial Analyst Nickolas Revers provided financial analysis 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 year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q, or Form 8-K.