Newmark Secures 110,684-SF Renewal for Nuvera Fuel Cells at the State-of-the-Art Facility, Rivertech Park

May 1, 2024 9:00 AM

Newmark announces it has secured a 110,684-square-foot lease renewal for Nuvera Fuel Cells, LLC. (“Nuvera”) at the state-of-the-art two-building advanced manufacturing facility Rivertech Park in Billerica, Massachusetts. The tenant secured the long term lease renewal for the entire facility located at 129 Concord Road.

Newmark Executive Managing Directors Richard Ruggiero, Torin Taylor and Matthew Adams, alongside Senior Managing Director Rory Walsh, facilitated the renewal on behalf of the tenant, a global provider of efficient and reliable zero-emission power solutions.

“Through the collaborative efforts put forth by all parties, we are gratified to have secured this win-win solution and look forward to the continuation of the complementary partnership between the tenant and ownership,” said Ruggiero. “Nuvera’s renewal was motivated by it’s ability to maintain the advanced infrastructure in-place at the asset, confirmed growth of the hydrogen fuel cell industry we’ve witnessed and the unmatched access to highly competent work force nearby, among more.”

Nuvera has garnered a reputation for powering fuel technology across diverse applications, including on- and off-road vehicles and equipment, port and maritime applications, as well as stationary and portable power solutions within the growing hydrogen economy. The tenant first identified Rivertech Park as an optimal solution for its operation in 2006/2007 and proceeded to secure a full-building lease for its relocation from Cambridge to Billerica, Massachusetts. The tenant has maintained its footprint at the asset for nearly two decades, with renewals in 2017 and 2024.

The 30.57 acre, fully occupied property features two buildings, both of which were renovated in 2001 with new systems and facades, as well as several upgrade investments overtime, including mechanical systems, laboratory space including clean rooms, a new roof and parking lot replacements. The property is located along the Route 3 Corridor, known in Boston as the Northwest Expressway.

JLL represented the Landlord in the transaction, Rivertech Owner LLC.

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, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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