The Davis Companies and Principal Real Estate Investors sell two-building, 408,259-square-foot office complex and associated parking garage with plans for a life science facility
NEWS PROVIDED BY Newmark Group, Inc.
Jan 11, 2022, 15:55 ET
BOSTON, Jan. 11, 2022 /PRNewswire/ — Newmark announces the $815 million sale of Charles Park, a two-building office complex and associated parking garage located in Cambridge, 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, The Davis Companies and Principal Real Estate Investors, and procured the buyer. Newmark Senior Financial Analyst William Sleeper provided financial analysis support.
The 408,259-square-foot Charles Park comprises two Class A office buildings—One Rogers Street and One Charles Park—complemented by a 656-space, seven-level parking garage. It features reusable in-place infrastructure for life science development, including large floor plates that can provide up to 65,000 square feet of contiguous space on one level, 13′ to 17′ ceiling heights and substantial loading capacity with five loading docks and two freight elevators.
“Charles Park is well positioned along Kendall Square’s rapidly expanding First Street corridor with immediately-recognizable architecture highlighted by its distinctive horseshoe-shaped façade,” said Maher. “The asset is further surrounded by an unmatched laboratory and technology mecca in the life science epicenter of the world.”
Just steps away from Charles Park, the nearly one million-square-foot CambridgeSide complex is undergoing a highly-anticipated residential and retail redevelopment. The asset is also located between two MBTA subway stations (Kendall/MIT along the Red Line and Lechmere along the Green Line), the 168-acre campus of MIT, the brand-new Cambridge Crossing mixed-use development and Massachusetts General Hospital.
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SOURCE Newmark Group, Inc.
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