Newmark Completes Sale of Four Campus Park 9 Buildings in Wellesley to Beacon Capital Partners
Boston – Newmark announced the sale of Park 9, a four-building campus with potential for life sciences conversion in the suburban Boston community of Wellesley, Massachusetts.
Robert Griffin, Newmark’s Co-Head of U.S. Capital Markets, Executive Vice President Edward Maher, Vice President Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, BentallGreenOak on behalf of the Sun Life, and recruited the buyer, Beacon Capital Partners.
Totaling 375,058 square feet, Park 9 comprises four buildings with high-quality office interiors and numerous modern amenities, as well as a six-storey structured parking lot. It is anchored by three publicly traded long-term office tenants – Sun Life, Morgan Stanley and Boston Children’s Hospital – and has 120,000 square feet of assets well positioned for immediate laboratory conversion.
“Park 9 offers the exact type of self-contained, amenity-rich, mixed-use campus environment that appeals to life science users,” Maher said. “The park further benefits from a highly visible, strategic location in the southwest quadrant of the key Route 128/Route 9 interchange in suburban Boston.”
In addition to Route 128 and Route 9, Park 9 facilitates quick access to Interstate 90 (Massachusetts Turnpike), which provides a direct connection to Cambridge (13 miles) and Boston (16 miles). The campus is also located between two transit routes – the Framingham/Worcester Line of the MBTA Commuter Rail and Branch D of the MBTA Green Line – which connect to the city.
Newmark’s senior financial analyst, William Sleeper, provided financial analysis support for the transaction.