Boston, MA Newmark Knight Frank (NKF) has completed the sale of the 826-space parking garage, which included 10,500 s/f of vacant ground-floor space, at Revere Hotel Boston Common. According to public record, the property sold for $95 million. NKF’s Boston Capital Markets Group led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher, executive managing director Matthew Pullen and director James Tribble oversaw the transaction of the asset on behalf of Pebblebrook Hotel Trust.
The garage is one of the largest parking structures within the city’s Back Bay neighborhood. Additionally, it is an integral part of the Revere Hotel Boston Common, an upscale hotel with 356 rooms and a popular rooftop pool and bar.
“The parking garage at Revere Hotel Boston Common is a premier parking facility with strong historic revenue and embedded parking demand from the attached hotel,” said Pullen. “With substantial mixed-use development planned or underway in the surrounding area, the garage is also poised to benefit from revenue growth driven by significant new parking demand.”
Featuring a high-profile location, the parking garage at Revere Hotel Boston Common has access to major highways. It is further surrounded by a wealth of first-class office towers, residences, tourist attractions and destination amenities.
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’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, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. NKF’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. NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets.
