Boston, MA NGKF Capital Markets has completed the sale of 535-545 Boylston St. for $100.5 million. The Boston NGKF Capital Markets team, led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher and executive managing director Matthew Pullen, oversaw the transaction in conjunction with NGKF senior managing directors Jim Brady and Jason Cameron. The distinctive 13-story office and retail asset was held in the portfolio of a separate account advised by Clarion Partners. John Hancock Real Estate acquired the property.
535-545 Boylston Street - Boston, MAEncompassing a total of 184,642 s/f, 535-545 Boylston St. boasts a prominent corner presence within the city’s Back Bay neighborhood. The property is presently 87% leased to a diverse tenant roster and includes an activated retail component highlighted by TD Bank, GNC and three dining options.
“Firmly situated among the Back Bay’s top class B assets, 535-545 Boylston St. offers ideally-sized, flexible floor plates that can accommodate a wide variety of tenant requirements,” said Pullen. “Consequently, the property is well suited to benefit from the Back Bay’s rising-rent environment and consistently strong demand.”
Located within walking distance of the MBTA Green Line and accessible to I-90 (Mass. Turnpike), I-93 and Logan International Airport, 535-545 Boylston St. represents a transit-oriented destination.
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 12,800 professionals operate from more than 370 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.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick.
Clarion Partners, an SEC registered investment adviser, FCA authorized manager and FINRA member firm, has been a leading U.S. real estate investment manager for more than 34 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With more than $41 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.