{"id":40759,"date":"2022-01-19T15:47:28","date_gmt":"2022-01-19T13:47:28","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=40759"},"modified":"2022-01-19T15:47:30","modified_gmt":"2022-01-19T13:47:30","slug":"newmark-davis-companies-cambridge-ma-office-buildings-sale","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2022\/01\/19\/newmark-davis-companies-cambridge-ma-office-buildings-sale\/","title":{"rendered":"Newmark Completes $815 Million Sale of 2-Building Office Complex in Cambridge, MA"},"content":{"rendered":"\n

Real estate services firm Newmark recently announced it had completed the sale of Charles Park, a complex comprised of two office buildings totaling 408,259 square feet of office space in Cambridge, Mass<\/a>. A Newmark team of Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of the company\u2019s Boston Capital Markets division represented the seller, The Davis Companies and Principal Real Estate Investors.<\/p>\n\n\n\n

Newmark also procured the buyer \u2014 an affiliate of Alexandria Real Estate Equities, which is a REIT that specializes in owning, operating, and developing life sciences, aggrotech, and technology campuses. Charles Park\u2019s new owner paid $815 million for the Class A complex.<\/p>\n\n\n\n

Built on a lot spanning more than three acres, Charles Park is well-positioned in the vicinity of First Street in the northeastern part of Kendall Square \u2014 one of the state\u2019s most prestigious neighborhoods. The area benefits from a high concentration of tech companies and successful startups, as well as the nearby Massachusetts Institute of Technology. Charles Park is also conveniently located near two Massachusetts Bay Transportation Authority subway stations, as well as the 1-million-square-foot CambridgeSide development, which will include residential and retail properties.<\/p>\n\n\n\n

\"Two<\/a>
Two Charles Park, one of the office buildings of the Charles Park complex in Cambridge, Mass.<\/i><\/figcaption><\/figure>\n\n\n\n

In addition to its location, the property also includes 656 parking spaces in a seven-level parking garage, as well as software company Pegasystems as its primary anchor tenant. The buildings will reportedly be redeveloped into life sciences space through a joint effort by Davis and Alexandria, adding it to East Cambridge\u2019s cluster of high-tech laboratories and life sciences research facilities.<\/p>\n\n\n\n

\u201cCharles Park is well positioned along Kendall Square\u2019s rapidly expanding First Street corridor with immediately recognizable architecture highlighted by its distinctive, horseshoe-shaped fa\u00e7ade,\u201d said Maher. \u201cThe asset is further surrounded by an unmatched laboratory and technology mecca in the life science epicenter of the world.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Newmark announced it had completed the sale of a 408,000-square-foot office complex in one of Massachusetts’ most prestigious neighborhoods and life sciences hotspots.<\/p>\n","protected":false},"author":71,"featured_media":40760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4926,11119,2518],"tags":[],"class_list":["post-40759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston-real-estate","category-commercial-real-estate","category-real-estate-news"],"yoast_head":"\nNewmark Mediates Sale of 408KSF Office Park in Cambridge, MA<\/title>\n<meta name=\"description\" content=\"Charles Park was bought for $815 million by a REIT which intends to redevelop the property into life sciences space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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