Newmark Grubb Knight Frank, Jumbo Capital Management and Angelo Gordon complete 60,000 s/f in leases in Wells Park

Newton, MA According to Newmark Grubb Knight Frank (NGKF), a team comprised of Matt Malatesta, Mark Roth, Brendan Daly and Blake Mclaughlin, along with Jumbo Capital Management and Angelo Gordon, have completed five lease transactions totaling over 60,000 s/f at 7/57 Wells Ave. and 75/85/95 Wells Ave. (Wells Park). The team completed all of the transactions in the past six months, since Jumbo/Angelo Gordon acquired the assets. In addition to leasing 16% of the campus, 35,000 s/f of additional commitments at Wells Park are being negotiated.

Located in the N2 Innovation District, Wells Park was purchased and rebranded by Jumbo Capital and Angelo Gordon in March. As part of the investment, extensive renovations that include both interior and exterior improvements to the park have been completed by ownership. Phase 1 includes all new activated lobbies, hardscape and softscape upgrades, along with new outdoor amenities including bocce courts and seating on the main lawn. The final project will create a connected, amenity rich campus that will appeal to businesses focused on recruiting and retention of top talent. Additional improvements will include upgrades to the café, fitness center and an 80-person shared conference facility.

7-57 Wells Avenue Lounge - Newton, MA

The recent deals include four new tenants to the park; Ansaldo STS, a global engineering leader in the passenger rail industry; BRIDGE Energy Group, a leading consulting and systems integration solutions company focused on improving utility operational performance; Burns & McDonnell, a global full-service engineering, architecture, constructional & environmental firm; Archstone Law Group P.C, advisors to large and small businesses, start-ups, non-profit organizations & executives.

“Wells Park has been an exciting project of ours and we are very proud of all the work that has been accomplished since purchasing the building earlier this year,” said Jordan Berns of Jumbo Capital. “With Phase 1 of renovations completed and the new highway access ramp underway, the Park is easily becoming the best option in the area.”

“We are thrilled to be adding four more innovative companies to the Wells Park portfolio of tenants,” said Malatesta. “The campus offers companies the opportunity to occupy newly upgraded, creative office space within the highly sought after N2 corridor. These recent lease signings further prove that Wells Park is a great solution for companies looking for high-quality office space offering modern amenities and flexible terms, all in a sought-after location.”

Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services.