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NGKF Capital Markets has successfully completed the recapitalization of 200 Inner Belt Road in Somerville, Massachusetts. The NGKF Capital Markets Boston team led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen oversaw the recapitalization of the four-story office asset with North Colony Asset Management on behalf of North River Company.
Totaling 190,096 square feet, 200 Inner Belt Road is presently 97 percent leased to a diverse tenant roster. The property is anchored by Harvard University’s Somerville Research Facility, which includes the Harvard Art Museums Archives, the Archaeological Exploration of Sardis and the museum’s Communications Division and Department of Digital Imaging and Visual Resources.
“Situated adjacent to Downtown Boston and East Cambridge, 200 Inner Belt Road features an exceptional location,” said Pullen. “The property is uniquely positioned to capture demand from price-conscious tenants who are ‘sticker shocked’ by rapidly rising rental rates in these white-hot submarkets while still offering proximity to their strong transportation infrastructure, robust corporate environment and high level of intellectual capital.”
Easily accessible to Route 28 and Interstate 93, 200 Inner Belt Road boasts a direct connection to both Downtown Boston and the region’s major north-south highway. Additionally, the property is just moments from Assembly Row, a recently-opened mixed-use development in Somerville, and Northpoint, a 42-acre parcel that is permitted for five million square feet of office, residential and retail space in Cambridge.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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.