Riverside Properties has acquired the Needham Company Heart at 160 Gould St. in Needham, Mass. Newmark represented the vendor, James Campbell Co., within the transaction.
Newmark’s Co-Head of U.S. Capital Markets Robert Griffin, together with Boston Capital Markets Government Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Government Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Affiliate Director William Sleeper, together with Boston Non-public Capital Affiliate Administrators Joseph Alvarado and Casey Valente, led the transaction. The group represented the vendor and secured the customer.
Positioned beneath 20 miles from Boston, the three-story, 135,272 square-foot low-rise property was inbuilt 1987. Floorplates on the property whole roughly 45,000 sq. toes. The workplace is off Interstate 90 and sees greater than 11,000 vehicles drive previous the constructing each day, in response to CommercialEdge. The property options 434 parking areas, managed entry and a restaurant.
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CommercialEdge analysis exhibits that James Campbell Co. bought the 4.1-acre property in 2012 from Nuveen Actual Property for $26.4 million. The identical supply lists Chief Financial institution, The Bulfinch Group and Prudential among the many property’s tenants.
Newmark’s Matthew Malatesta has been the property’s leasing dealer and assisted with native leasing experience for the transaction, with Monetary Analyst Grady Zink providing analytical assist.
Boston workplace area trades at discounted charges
This 12 months has been off to a robust begin for workplace gross sales throughout the nation, with a CommercialEdge report exhibiting that in quarter one, 61.6 million sq. toes traded for a mixed $10.1 billion throughout 486 transactions. Which was a rise from the earlier 12 months’s first quarter. With Boston main the nation in deliveries, most new buildings had been life-science-related.
Whereas the Boston market is recording sturdy numbers for 2025, properties are promoting at discounted charges. Nuveen bought a Boston high-rise for $227 million— $100 million beneath the asset’s analysis. Nuveen had bought the property for $273 million.
Most just lately, James Campbell Co., bought a 160,482-square-foot workplace property for $11.8 million in Medford, Mass. In 2014, the asset traded for $30.3 million.
