Normandy Real Estate Partners and Westbrook Partners Sell First-Class Creative Office Building to MetLife Investment Management
NKF Capital Markets has successfully completed the sale of 89 A Street in Needham, Massachusetts to MetLife Investment Management for $96.5 million. On behalf of Normandy Real Estate Partners and Westbrook Partners, NKF Capital Markets Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Director James Tribble and Associate Director Samantha Hallowell of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the 247,542-square-foot creative office building.
89 A Street is anchored by the global headquarters of SharkNinja, a leading household cleaning and kitchen appliance company. The newly-renovated property features a two-story lobby, two interior courtyards, a cafeteria and a fitness center complemented by high-end tenant buildouts.
“Offering open, collaborative office space in a dynamic mixed-use location with seamless accessibility, 89 A Street enables tenants to attract and retain a modern workforce,” said Pullen. “SharkNinja’s headquarters commitment at 89 A Street underscores this competitive advantage – the firm consolidated four locations across Needham and Newton to the property.”
89 A Street is located within Founders Park, a 41-acre campus featuring more than $350 million in recently completed and ongoing investment. Highlights include the corporate headquarters of TripAdvisor and a 128-key Residence Inn hotel with a regional headquarters/media center for Comcast subsidiary NBCUniversal and a 390-unit apartment complex slated for future delivery. The park offers immediate access to two interchanges along Interstate 95/Route 128 as well as shuttle service to the MBTA Green Line’s Newton Highlands station.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with a total of 120 employees with broad real estate experience in areas such as acquisitions, investment management, leasing, property management, construction/development and accounting. Its focus is primarily on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where it owns and operates one of the largest private real estate portfolios in the region totaling over 14 million square feet and a development pipeline of four million square feet. The firm’s deep local relationships, vertically-integrated capabilities, and diversely-experienced team give it a distinct advantage, which enables it to consistently turn under-achieving real estate into exceptional high-yielding investments.
Normandy’s management platform is focused on two complementary investment strategies: i) value-add: a series of closed-end, fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors; and ii) core-plus: a series of separately-managed accounts for domestic and foreign institutional investors. Normandy currently manages approximately $1.5 billion of equity capital, representing total asset value of $3.3 billion. For more information visit www.normandyrealty.com.
About Westbrook Partners
Westbrook Partners, founded in April 1994, is a privately-owned, fully integrated global real estate investment firm with offices in New York, Boston, Washington, DC, Palm Beach, San Francisco, Los Angeles, London, Munich, Paris and Tokyo. Westbrook's professionals are responsible for acquisition, value enhancement, financial, legal, tax, accounting and risk management. Westbrook's experience includes the operation and management of office, multi-family residential, hotel, retail, industrial and single-family residential development properties. Westbrook's investment equity is currently committed by a broad, stable base of the highest-quality institutional investors, which include public and private pension funds, endowments, foundations, and financial institutions. Westbrook has full discretion over all investment decisions.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
