November 12th, 2021 10:00am
Marcus Partners sells medical office building anchored by Dana-Farber Cancer Institute to Celera Properties and AEW
Newmark announces the $29.5 million sale of 5 Branch Street, a medical office building anchored by Dana-Farber Cancer Institute and located north of Boston in Methuen, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Frank Nelson, Senior Managing Director Michael Greeley and Associate Allie Percoco of the firm’s Boston Capital Markets Group represented the seller, Marcus Partners, and procured the buyer, a joint venture between Celera Properties and AEW. Newmark’s National Healthcare Capital Markets Group–which includes Greeley along with Executive Managing Director Ben Appel, Senior Managing Director Jay Miele and Managing Director John Nero–is pleased to highlight this sale as an example of the offerings available by the group. Additionally, Nero and Newmark’s Boston Debt & Structured Finance Group arranged financing for the transaction.
Totaling 94,325 square feet, 5 Branch Street is 66% leased to Dana-Farber Cancer Institute as a regional outpatient flagship with 32,550 square feet of remaining availability that is well positioned to accommodate synergistic medical uses.
“Marcus Partners recently executed an exceptional redevelopment of 5 Branch Street, fully transforming it into a state-of-the-art clinical asset,” said Greeley. “The building also benefits from significant tenant investment with Dana-Farber featuring a dense cancer center layout and a compounding pharmacy on site. We congratulate Marcus Partners on a terrific outcome and applaud Celera and AEW for another strategic medical office acquisition in the New England market.”
5 Branch Street is well positioned in Merrimack Valley, providing its anchor tenant with the ability to serve patients across Massachusetts and New Hampshire. It benefits from seamless accessibility via Interstates 93 and 495 as well as an on-site Merrimack Valley Regional Transit Authority (MVRTA) bus stop.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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