BOSTON— Newmark Knight Frank (NKF) has completed the sale of Dock Square Garage in Boston to Fortis Property Group for $170 million.
Led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Director James Tribble, NKF’s Boston Capital Markets Group oversaw the transaction of the top-performing parking garage on behalf of Dock Square Parking Associates, LLC.
Comprising 698 parking spaces complemented by 16,100 square feet of retail space leased to Hard Rock Café, Dock Square Garage encompasses an entire city block. The asset features a high-profile location adjacent to Faneuil Hall, the 13th most-visited tourist attraction in the world.
“Dock Square Garage is among the top three highest-grossing parking facilities in Boston,” said Pullen. “The garage is directly surrounded by 24/7 demand drivers including Faneuil Hall, the North End, Rose Kennedy Greenway, TD Garden and 33 million square feet of Downtown office space.”
The Dock Square Garage offering represented a once-in-a-generation opportunity, marking the first transaction of the property since its original construction in 1980. The garage also features three to four stories of additional development potential, a rarity within the high barrier-to-entry Boston market.