Piedmont Office Realty Trust Acquires Class A Office Building
Newmark Knight Frank (NKF) has successfully completed the sale of 25 Mall Road in Burlington, Massachusetts to Atlanta-based Piedmont Office Realty Trust. On behalf of the seller, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the Class A office building.
Totaling 287,776 square feet, 25 Mall Road is presently 88 percent leased to a diverse tenant roster anchored by Lahey Hospital & Medical Center, Merrill Lynch, 89 Degrees, TTEC, MicroTek and CENTRA Technology. The six-story asset features a variety of on-site amenities including a conference center, fitness center, coffee kiosk and full-service cafeteria with an outdoor patio.
“25 Mall Road represents an institutional-quality asset featuring flexible, efficient floor plates and a ‘sticky’ rent roll,” said Pullen. “The property boasts a strong history of tenant retention, serving as a clear testament to the quality of the asset and its location.”
Strategically situated in close proximity to all of Burlington’s shopping, dining and entertainment options, 25 Mall Road benefits from immediate access to a diverse amenity base. The asset also enjoys prominent positioning along Mall Road, a major Burlington thoroughfare, with swift access to Interstate 95 (Route 128) and Route 3 complemented by MBTA bus service to the Alewife Red Line station.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
