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Newmark Grubb Knight Frank (NGKF) has been appointed as the exclusive leasing agent for 7/57 Wells Avenue and 75/85/95 Wells Avenue in Newton, Massachusetts, formerly known as Wells Center. Recently acquired by Jumbo Capital & Angelo Gordon, the 330,000-square-foot, two-building office campus will undergo an extensive renovation and will be re-branded as Wells Park.
Located in the vibrant N2 Corridor, Wells Park is comprised of 7/57 Wells Avenue, an 89,048-square-foot office property and 75/85/95 Wells Avenue, a 240,626-square-foot office property. Both Class A office buildings were purchased by Jumbo Capital & Angelo Gordon in March and the firm will be completing significant renovations as part of the investment. Interior and exterior improvements of the park will create a connected, amenity rich campus that will appeal to businesses focused on recruiting and retention of talent. Improvements will include upgrades to the café, fitness center and 80 person conference facility as well as outdoor patio seating, bocce courts and brand new, activated lobbies and common areas. The renovations to Wells Park are scheduled for completion by August 2016. NGKF’s Matt Malatesta, managing director, Mark Roth, executive managing director, Brendan Daly, managing director, and Blake McLaughlin, associate director, will lead the brokerage team assigned to lease the properties.
“Wells Park offers tenants a great opportunity to lease newly upgraded, creative office space within the highly sought after N2 corridor” said Malatesta. “Once renovated by Jumbo Capital, Wells Park will offer the best combination of scale, amenities and location.”
“We’re excited to partner with NGKF on this project given their local expertise and deep experience as a team. We’ve seen tremendous tenant activity already and a very positive response to our plans for extensive renovations,” said Jay Hirsh, managing partner and co-founder of Jumbo Capital.
Wells Park is situated on Charles River conservation land, located less than one mile from the new Kendrick Street interchange off Rt. 128. The offices are currently 89 percent occupied, with tenants including appliance maker SharkNinja, data storage giant EMC Corp. and independent retirement and college savings service provider Acensus.
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 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. 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 http://www.bgcpartners.com/.
About Jumbo Capital Management, LLC
Jumbo Capital Management is a privately-held commercial real estate operator based in Quincy, MA. Committed to providing exceptional Property & Asset Management services to our investors and tenants, we work with all asset classes throughout the Greater Boston Area.
With a wide range of focus and experience we deliver consistent risk- adjusted returns to our investors.
Angelo, Gordon & Co.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $25 billion. We seek to generate absolute returns with low volatility by exploiting inefficiencies in selected markets and capitalizing on situations that are not in the mainstream of investment opportunities. We creatively seek out new opportunities that allow us to remain a leader in alternative investments.