NGKF Capital Markets Orchestrates $725 Million Transaction
NGKF Capital Markets was recognized last night at the 2016 CBA Achievement Awards for its involvement in the sale of One Kendall Square in Cambridge, Massachusetts, which received the Investment Sale of the Year award. The NGKF Capital Markets Boston team led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen, in conjunction with Newmark Grubb Knight Frank Executive Managing Directors Mark Winters and David Townsend, oversaw the sale of the 11-asset mixed-use campus to Alexandria Real Estate Equities on behalf of DivcoWest.
Trading for $725 million, One Kendall Square set the record for the Boston area’s largest sale of 2016 on a total transaction size and per-square-foot basis (based on existing building area). Spanning 7.88 acres, the property encompasses a dynamic mix of office and laboratory buildings complemented by abundant amenities, a cinema, a parking garage and a fully-permitted development site.
“The sale of One Kendall Square illustrated the close collaboration between our capital markets and leasing teams, which enables us to drive successful results on behalf of our clients,” said Maher. “We are honored to be recognized by the CBA for this transaction.”
At the time of the sale, One Kendall Square was 99 percent leased to a dynamic tenant roster anchored by Akamai, Abcam, Cogo Labs, Merrimack Pharmaceuticals, InVivo Therapeutics and the Massachusetts Institute of Technology. The property is strategically situated within the white-hot East Cambridge submarket, directly adjacent to an MBTA bus stop, within convenient walking distance of the MBTA Red and Green Lines and swiftly accessible to Interstates 90 (Massachusetts Turnpike) and 93.
An annual event organized by the Commercial Brokers Association, the 2016 CBA Achievement Awards ceremony was held at the InterContinental Boston on Thursday, March 16, 2017.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
