Newmark announces the $710 million recapitalization of The Innovation and Design Building (The IDB), a 1.4 million-square-foot mixed-use office complex located in the Seaport District of Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, Jamestown LP, which will retain a 50% interest in the property, and procured the buyer, Related Fund Management, which acquired a 50% interest in the property. Newmark Senior Financial Analyst Dominick Romano provided financial analysis support. Related Fund Management is the investment management affiliate of Related Companies and its Boston office, Related Beal.
Jamestown originally purchased The IDB in 2013 and has since invested more than $200 million in the revitalization of the property. The asset now serves as a business hub for a number of creative companies including Reebok, Autodesk, life science tenants Ginkgo Bioworks and Living Proof, and the Boston Design Center. With a new joint venture, Jamestown and Related Fund Management will leverage their shared experience to build on the continued success of The IDB and grow its tenant base with new laboratory and office spaces.
“The IDB represents a highly-improved, cash-flowing asset with credit tenancy and the ability to further expand its tenant ecosystem,” said Edward. “The complex is well positioned to attract new users due to its strategic location within Boston’s most dynamic innovation district and life science cluster.”
By virtue of its positioning within the Seaport District, The IDB is within proximity of five MBTA Silver Line stations, two MBTA bus routes, shuttles to North and South Stations, and two Bluebikes bicycle sharing stations served by the building’s access to bicycle racks, shower rooms and bicycle repair stations.
Jamestown and Related Beal expect to begin construction on The IDB’s new laboratory and office spaces this year.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries, is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
