Newmark Knight Frank (NKF) announced today the successful completion of the sale of 179 Lincoln Street in Downtown Boston, Massachusetts on behalf of Invesco Real Estate, a global real estate investment manager, to Blackstone Real Estate. Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and 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 transaction of the creative office asset in conjunction with NKF Executive Managing Director Gil Dailey and Senior Managing Director Tim Bianchi. The property will be managed by EQ Office, a U.S. office portfolio company wholly owned by Blackstone's real estate funds.
Totaling 221,474 square feet, 179 Lincoln Street is presently 88 percent leased to a diverse tenant roster anchored by Smartsheet (NYSE: SMAR), PowerAdvocate, OUTFRONT Media (NYSE: OUT), XPO Logistics (NYSE: XPO) and Mad*Pow. Originally built in 1899, the asset has been fully modernized in recent years with the completion of $20+ million in base building and tenant improvements.
"179 Lincoln Street represents a high-performing boutique office asset," said Pullen. "With distinctive architecture, modern upgrades, open office layouts, LEED Silver certification and on-site amenities including a cafe, fitness center, parking garage and bicycle storage, it is well suited for creative office tenants."
Comprising an entire city block, 179 Lincoln Street enjoys a highly visible presence at the beginning of the Rose Fitzgerald Kennedy Greenway, a 1.5-mile series of urban parks located along Downtown Boston's eastern border. The property also boasts an unbeatable commuter location just steps from South Station and directly across from on/off ramps for Interstates 90 (Massachusetts Turnpike) and 93.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $81.3 billion in real estate assets under management, 534 employees and 21 regional offices across the U.S., Europe and Asia (as of September 30, 2019). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
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 18,000 professionals operate from approximately 480 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
Statements in this document regarding Newmark 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 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's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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