Boston, MA Newmark Knight Frank (NKF) has completed the sale of 226 Causeway to Rockpoint Group for $107 million. On behalf of Invesco, vice chairman Edward Maher, executive managing director Matthew Pullen, director James Tribble and associate director Samantha Hallowell of NKF’s Boston Capital Markets team, which is led by co-head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the best-in-class retail/office condominium.
Totaling 192,890 s/f, 226 Causeway features a diverse tenant roster anchored by the corporate headquarters of two divisions of TripAdvisor, Oxfam America and the Boston Celtics as well as a key regional office for Stantec. Its street-level retail component includes Equal Exchange Café and Title Boxing Club.
“226 Causeway epitomizes the ‘cool core’ investment profile, offering stable cash flow and tangible upside potential,” said Maher. “The asset is the beneficiary of significant capital improvements, resulting in best-in-class physical infrastructure highlighted by rare 35,000 s/f floor plates and up to 13’5” ceiling heights.”
226 Causeway benefits from an exceptional transit-oriented location directly adjacent to North Station, the Leonard P. Zakim Bridge and I-93. The asset is surrounded by a mixed-use neighborhood highlighted by The Hub on Causeway, a transformative 1.5 million s/f residential, retail and office addition to the TD Garden, home to the Boston Bruins and Boston Celtics.