Home > Media Center > Press Releases Detail

Press Releases

SHARE:

NKF Orchestrates $71 Million Recapitalization of 87 CambridgePark Drive

King Street Properties and The Carlyle Group Recapitalize Class A Laboratory Asset with HCP, Inc.

Boston, MA (01/29/2019)

1:00 PM

Newmark Knight Frank (NKF) has successfully completed the $71 million recapitalization of 87 CambridgePark Drive in Cambridge, Massachusetts. On behalf of King Street Properties and The Carlyle Group, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director James Tribble and 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 recapitalization of the Class A laboratory asset with HCP, Inc., a leading real estate investment trust (REIT) based in Irvine, California and one of the largest owners of healthcare real estate in the United States.

Totaling 63,943 square feet, 87 CambridgePark Drive is presently 100 percent leased to Dicerna Pharmaceuticals and Ra Pharma, two cutting-edge, clinical-stage biopharmaceutical companies. The building underwent a full repositioning into an open, modern and collaborative workspace in 2014.

"87 CambridgePark Drive is a premier asset within Cambridge, one of the tightest real estate markets in the country," said Pullen. "The city currently features a zero percent vacancy rate for Class A laboratory space and consistently posts Greater Boston's highest rental rates."

87 CambridgePark Drive enjoys a transit-oriented location within walking distance of the MBTA Red Line's Alewife station. The property is surrounded by more than two million square feet of office, laboratory, residential and amenity space along CambridgePark Drive.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.