NEEDHAM, MA — Newmark has arranged the $132 million sale of 140 Kendrick Street, a premier, amenity-rich office campus located approximately 15 miles southwest of downtown Boston in Needham, Massachusetts, underscoring continued investor interest in high-quality, well-leased suburban office assets.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, alongside Boston Capital Markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell, and Associate Director William Sleeper, represented the seller, BXP. The team also procured the buyer, a partnership between Cross Ocean Partners and Lincoln Property Company.
In conjunction with the acquisition, Newmark’s Boston Debt & Structured Finance team has been engaged by the buyer to arrange post-closing mortgage financing. The financing team includes Vice Chairman David Douvadjian, Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian, Jr., Associate Directors Bobby Alvarado and Conor Reenstierna, and Financial Analyst Harrison Zucco.
Spanning more than 400,000 square feet, 140 Kendrick Street comprises three interconnected office buildings. The campus stands out as one of the most advanced office environments in the region, featuring what is believed to be the first net-zero, carbon-neutral repositioning of its scale in Massachusetts. The property is anchored by Wellington Management, with additional tenants including Clarks, CyberArk, and Focus Partners Wealth.
“Following the departure of its former single-tenant occupant in 2020, 140 Kendrick Street underwent a full renovation and re-tenanting,” said William Sleeper of Newmark. “Because all leases were executed in the post-COVID period, the asset benefits from tenants that are appropriately sized for current workplace trends, resulting in peak physical occupancy and virtually no dark space.”
The campus is strategically positioned in a highly accessible and talent-rich submarket. Located directly off Route 128/Interstate 95, the property offers shuttle service to the MBTA Green Line and sits adjacent to the 600-acre Cutler Park Reservation. The surrounding area boasts one of the highest concentrations of residents with graduate and professional degrees in suburban Boston.
Newmark Senior Managing Director Matthew Malatesta provided local leasing expertise for the transaction, while Financial Analyst Grady Zink delivered analytical support.
The transaction highlights strong demand for ESG-forward, fully modernized office campuses that align with evolving tenant needs and post-pandemic occupancy patterns.
