Home > Media Center > Press Releases Detail

Press Releases

SHARE:

NGKF Capital Markets Boston Team Executes $2.2 Billion in $25+ Million Office Sales Year-to-Date

Highlights Include Record-Setting Sales in Boston and Cambridge

Boston, MA (12/02/2016)

1:00 PM

NGKF Capital Markets today announced that its Boston team, led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen, has overseen the transaction of $2.2 billion in $25+ million office sales year-to-date. This figure represents approximately half of the total $25+ million sales volume in the Boston area over the period, according to data from Real Capital Analytics. In total, NGKF's $25+ million transactions encompassed nearly 40 assets comprising 3.7 million square feet.

Among these transactions are two of the largest sales in the Boston area year-to-date. NGKF Capital Markets sold One Kendall Square, a premier 11-acre mixed-use campus in Cambridge, on behalf of DivcoWest for $725 million and 101 Seaport, an iconic 439,053-square-foot office tower in Boston's Seaport District, on behalf of Skanska for $452 million.

Additionally, both of these transactions set price per-square-foot records. At $1,124 per square foot, One Kendall Square set the record for the Boston area's largest sale of 2016 year-to-date on a per-square-foot basis (based on existing building area). At $1,029 per square foot, 101 Seaport represents one of the highest per-square-foot values ever achieved for an office asset throughout New England's history.

"Interestingly, the Boston area has experienced a 35 percent year-over-year decrease in overall $25+ million office sales," said Maher. "However, our team's seamless combination of capital markets and leasing expertise has enabled us to achieve strong performance across the Class A and B sectors throughout Boston, Cambridge and the suburbs."

According to data from Real Capital Analytics, the Boston area posted a total of $4.5 billion in $25+ million office sales across 47 transactions year-to-date in 2016, compared to $7 billion across 57 transactions in 2015. On a local level, both Boston and the suburbs experienced a year-over-year decrease in total office sales volume while Cambridge experienced an increase (largely influenced by the One Kendall Square sale) in the same metric.

In the suburbs, Real Capital Analytics data reveals a more than 45 percent decrease in total $25+ million sales across both the office and industrial sectors year over year. NGKF Capital Markets, however, remained dominant in this market, executing eight transactions totaling 1.9 million square feet and valued at more than $305 million year-to-date. These figures represent more than double the number of transactions and more than 1.5 times the dollar volume of NGKF Capital Markets' next-closest competitor. The largest among NGKF Capital Markets' suburban transactions was the sale of Rustcraft Corporate Center, a premier 421,924-square-foot mixed-use complex located in Dedham, on behalf of The Davis Companies for $70 million.

About Newmark Grubb Knight Frank
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 14,100 professionals operate from more than 400 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. For further information, visit www.ngkf.com.

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. For more information, please visit www.bgcpartners.com.