Newmark brokers $132m sale of 140 Kendrick - sold by BXP to Cross Ocean and Lincoln Prop.

Needham, MA Newmark has arranged the $132 million sale of 140 Kendrick St., an office campus located 15 miles southwest of Downtown Boston. Newmark co-head of U.S. Capital Markets Robert Griffin, along with capital markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble, senior managing director Samantha Hallowell and associate director William Sleeper, represented the seller, BXP, and procured the buyer, a partnership between Cross Ocean Partners and Lincoln Property Company.

Additionally, Newmark’s Boston Debt & Structured Finance team, comprised of vice chairman David Douvadjian, Sr., executive managing director Timothy O’Donnell, senior managing director David Douvadjian, Jr., associate directors Bobby Alvarado and Conor Reenstierna and financial analyst Harrison Zucco, has been engaged by the buyer to provide post-closing mortgage financing.

Totaling 400,000 s/f, 140 Kendrick St. features three interconnected office buildings, one of which represents the first net-zero, carbon-neutral repositioning of its scale in Massachusetts. The campus is anchored by Wellington Management with other notable occupants including Clarks, CyberArk and Focus Partners Wealth.

“140 Kendrick St. was entirely renovated and re-tenanted after its prior single-tenant occupant vacated in 2020,” said Sleeper. “By virtue of all leases being signed in the post-COVID era, the asset exhibits a rare dynamic in which all tenants are right-sized with peak physical occupancy and near-zero dark space.”

140 Kendrick St. benefits from an amenity-rich, highly accessible and talent-dense location. The campus is situated adjacent to the 600+-acre Cutler Park Reservation, directly off Route 128/Interstate 95 with shuttle service to the MBTA Green Line and surrounded by one of suburban Boston’s highest concentrations of residents with graduate/professional degrees.

Newmark senior managing director Matthew Malatesta provided local leasing expertise for the transaction, and financial analyst Grady Zink provided analytical support.