Private Family Trust Sells Leased Fee Interest under Iconic Mixed-Use Asset
Newmark Knight Frank (NKF) has successfully completed the $14 million sale of the leased fee interest at 9-15 Brattle Street at Cambridge, Massachusetts. On behalf of a private family trust, Vice Chairman Geoffrey Millerd, Managing Director Justin Smith, Director Paul Penman and Financial Analyst Samantha Torto 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 23,792-square-foot site, which is subject to a long-term, triple-net ground lease with 57 years remaining.
9-15 Brattle Street is improved with a 117,640-square-foot mixed-use building anchored by The Harvard COOP, a publicly accessible bookstore and café featuring the largest selection of officially licensed Harvard logo clothing and gifts in the world, in addition to The Gap, Beat Brew Hall and The Sinclair, a popular music venue and restaurant.
“9-15 Brattle Street represented a unique offering providing long-term, bond-like income within Harvard Square, a world-class retail destination,” said Penman. “It therefore served as a truly generational opportunity within a city that rarely sees such high-profile offerings come to market.”
9-15 Brattle Street benefits from strong visibility along Brattle and Church Streets, two primary thoroughfares in Harvard Square. The asset is strategically situated just steps from an entrance to the MBTA Red Line’s Harvard Square station, which is one of the busiest stops in the MBTA subway system with more than 23,000 passengers per day.
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.
