Street-Works Development has selected the office broker for its $1.6 billion urban revitalization project in downtown Quincy. Newmark will be the exclusive marketing agent for all of the office components in the project, including corporate office, professional office, wellness and education.
“The Newmark team, led by Drew Nelson and Paul Ippolito, combines the creative and entrepreneurial spirit of a boutique firm, with the support and outreach of a multinational player in the industry. I have personally worked with the firm for over 20 years and the brokers bring a unique drive and understanding in how to deliver our vision to the business community so that new Quincy Center thrives,” said Jeffrey Levien, Senior Director of Development for Street-Works.
New Quincy Center is a $1.6 billion transit-oriented, master planned, mixed-use development in Downtown Quincy that will include 750,000 square feet of retail space, 1 million square feet of office space, 2 hotels, 1,200 residential units and over 5,000 new structured parking spaces. The City of Quincy is strategically located 8 miles south of Boston, offering direct access to Route 128/95, I-93 and the region’s T-system Red Line. The project continues the momentum started in December of 2010 marked by the signing of the Land Disposition Agreement, with the recent announcement of its retail brokers, CBRE-GRA, and a visit from Governor Patrick supporting the application for I-Cubed state funding for the project.
“New Quincy Center is bringing unparalleled amenities to this historic city that already benefits from a fantastic transportation infrastructure. Companies that decide to lease office space here will give their employees the chance to live, shop and eat within walking distance of state-of-theart workspaces -all located within a vibrant neighborhood not seen anywhere outside of Downtown Boston,” said Drew Nelson, a principal with Newmark.
Added Paul Ippolito, “Our relationship with Street-Works runs deep, and we are confident that they are delivering a first-class environment in Quincy. While the nation wrestles with the problem of crumbling infrastructure, this project represents a bold and powerful solution. The unprecedented level of public/private partnership driving New Quincy Center will serve as a model for communities around the globe.”
While formal marketing of office space within new Quincy Center has not yet begun, Newmark has commenced with early introductions of the project to select potential users. “Initial reaction has been tremendous. One visit to the 1400 Hancock marketing center opens one’s eyes to the opportunity that awaits,” Nelson added.
Timeline:
In December 2010, the Quincy City Council approved the Land Disposition Agreement (LDA). Mayor Koch and the developer officially signed the document in late January that triggered a payment of $350,000 by the developer to the city, launching the permitting phase of the project. Most recently, Quincy was visited by Governor Patrick to support the projects application for $50 million in I-Cubed funding from the state.
About Street-Works Development LLC
For more than 30 years, the partners at Street-Works Development LLC have focused on one thing: Making places people love. Street-Works Development LLC is a nationally-recognized development firm that specializes in the creation of mixed-use districts around great public spaces. Street-Works has completed projects in West Hartford, CT, San Jose, CA, and Bethesda, MD. www.newquincycenter.com, www.street-works.com
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.