BOSTON— Newmark Knight Frank (NKF) has completed the sale of 25 Mall Road in Burlington, MA to Atlanta-based Piedmont Office Realty Trust.The financial details of the transactions were not disclosed.
On behalf of the seller, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director 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 Class A office building.
Totaling 287,776 square feet, 25 Mall Road is presently 88 percent leased to a diverse tenant roster anchored by Lahey Hospital & Medical Center, Merrill Lynch, 89 Degrees, TTEC, MicroTek and CENTRA Technology. The six-story asset features a variety of on-site amenities including a conference center, fitness center, coffee kiosk and full-service cafeteria with an outdoor patio.
“25 Mall Road represents an institutional-quality asset featuring flexible, efficient floor plates and a ‘sticky’ rent roll,” said Pullen. “The property boasts a strong history of tenant retention, serving as a clear testament to the quality of the asset and its location.”
Strategically situated in close proximity to all of Burlington’s shopping, dining and entertainment options, 25 Mall Road benefits from immediate access to a diverse amenity base. The asset also enjoys prominent positioning along Mall Road, a major Burlington thoroughfare, with swift access to Interstate 95 (Route 128) and Route 3 complemented by MBTA bus service to the Alewife Red Line station.