Cushman & Wakefield completed the sale of TripAdvisor | Needham, to an entity controlled by U.S. Realty Advisors, LLC. The Cushman & Wakefield team, led by president Robert Griffin, vice chairman Edward Maher and executive director Matt Pullen, oversaw the transaction of the newly-constructed, $85 million six-story office building on behalf of Normandy Real Estate Partners. As part of the transaction, managing director Jay Wagner and associate Timothy Hosmer placed the acquisition financing with a national life insurance company.
Comprising 280,892 s/f, TripAdvisor | Needham will serve as the new global headquarters for TripAdvisor, the world's largest online travel company. The property, built to LEED Gold standards, will also feature a wealth of on-site amenities including a café, fitness center, outdoor amphitheater and generous structured parking.
"TripAdvisor | Needham boasts prime frontage on I-95/Rte. 128 and serves as the centerpiece asset and inaugural office build-to-suit for Center 128," said Pullen. "Center 128, which broke ground in 2012, is a highly-anticipated mixed-use development within suburban Boston's thriving Route 128 West market, surrounded by an established community of corporate neighbors."
Situated within New England Business Center, one of the country's first master-planned corporate parks, TripAdvisor | Needham will benefit from synergies with this new Center 128 development, which will ultimately encompass 740,000 s/f of office space, a 128-room Marriott Residence Inn and two structured garages.
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.
For the New England area, Cushman & Wakefield maintains offices in Boston; Manchester; Hartford and Stamford, Conn.; and Portland, Maine.