BOSTON–Newmark has been appointed as the exclusive leasing agent of 735 Broadway, a 94,095-square-foot speculative industrial development located in Malden, Massachusetts.
The first-of-its-kind, Class A, urban industrial property was developed in partnership by DH Property Holdings, a real estate development, investment and asset management firm focused on warehouse and distribution assets in dense, urban core-areas, and Pugh Management.
Newmark Executive Managing Director Ed Jarosz, Senior Managing Director Brian Pinch and Associate Michael Malinconico are handling the leasing and marketing of the asset on behalf of ownership.
“It’s been a rewarding experience to have been selected by DH Property Holdings, first to assist with the acquisition of 735 Broadway and now, to serve as the exclusive leasing team on the project,” said Pinch.
735 Broadway sits on the town lines of Malden and Melrose, between Broadway and U.S. Route 1, boasting exceptional visibility and access to Downtown Boston, Logan Airport and the population centers surrounding the area. Built to Class A specifications, property characteristics include 32’ clear heights, 23 loading docks, LED light fixtures and an ESFR fire suppression system designed to serve warehouse and manufacturing users.
“DH Property Holdings is a pioneer in urban warehouse development, as evidenced by their success in premier markets including Brooklyn and Philadelphia. In delivering 735 Broadway, ownership will mark the first-ever speculative distribution facility in Boston. We look forward to sourcing a complimentary user for the property and welcoming them to this space,” added Pinch.
Newmark’s Boston Research team reported that the Urban Industrial Markets’ vacancy rate sits at 4.9%, and commands a need for new, high-quality distribution product. Urban Class A vacancy in Boston is a mere 2.9%, with 735 Broadway as currently the only existing availability in its class. The majority of the 21.6 million square feet of existing urban warehouse inventory is either owner-occupied, functionally obsolete or greater than 50 years old. Additionally, with more than 5.75 million square feet of industrial inventory demolished across Boston and Cambridge in the past decade, 735 Broadway is the only existing new availability with immediate access to the Downtown Boston, Cambridge and Logan Airport.
735 Broadway officially delivered in mid-August and is best suited for distribution, storage, manufacturing and light assembly uses.