WAYLAND, MA–The Central 128 office market is experiencing a wave of transformation, according to the latest report by commercial real estate firm R.W. Holmes. As the suburban market emerges from the post-pandemic lull, a series of owner-occupant sales and local investor acquisitions that began in 2024 have started to close in early 2025, shedding new light on market values and demand dynamics.
Post-Pandemic Sales Unveil Value Gaps
These newly closed transactions mark some of the first significant office sales in Central 128 since the onset of the COVID-19 pandemic. A key takeaway from R.W. Holmes’ findings is the increasing gap between pricing expectations for owner-occupants versus investors. For the first time in over five years, this discrepancy is emerging as a defining feature of the market, suggesting a revaluation of property worth in the new hybrid-work reality.
Large Relocations Anchor Submarket Strength
Despite a slowdown in overall deal volume compared to pre-pandemic levels, Central 128 continues to outpace other suburban markets in high-profile lease activity. According to R.W. Holmes, several major relocations and expansions made headlines this quarter:
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Advisor360 shifted operations from its sublease at 133 Boston Post Road to TripAdvisor’s former space at 400 First Avenue.
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Global Partners moved from 800 South Street in Waltham to 275 Grove Street in Newton.
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Evident Scientific renewed its lease at 48 Woerd Avenue in Waltham, committing to a significant 125,000-square-foot space.
Additionally, game developer CD Projekt Red expanded into 14,000 square feet at 51 Sawyer Road in Waltham, contributing to a series of mid-sized transactions over 10,000 square feet that signal ongoing confidence in the area.
Tenant Caution Still Prevails
Despite the promising nature of these deals, tenant hesitancy remains a hallmark of the current market climate. R.W. Holmes notes that these transactions took longer than expected to close, as tenants continued to exhibit a lack of urgency—a trend that has persisted throughout the post-pandemic recovery.
Notable Sales Shape Market Outlook
Among the key transactions that have helped establish new benchmarks for property values:
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The sale of 1210-1230 Washington Street in Newton for $23.75 million (approximately $160 per square foot) to 1230 West Newton, LLC (Commodore Builders).
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Sales of 313 Washington Street and 199 Wells Avenue—both in Newton—also closed this quarter and will be owner-occupied.
These sales not only provide new data points but have sparked renewed interest in off-market deals, with several properties potentially hitting the market later in 2025, including 160 Gould Street in Needham.
UMass Eyes Redevelopment to Boost Local Talent Retention
In a move that could reshape the long-term workforce landscape in the region, UMass announced plans to redevelop open land at its Mount Ida campus in Newton. The university intends to partner with developers to create affordable housing, a strategic initiative aimed at retaining recent graduates in the Boston area and providing a talent pipeline for local employers.
As Central 128 continues its post-pandemic evolution, the market is showing early signs of recovery through a mix of strategic leasing activity, property revaluation, and forward-looking development. R.W. Holmes’ insights highlight a market in transition—one where patience may be key, but momentum is quietly building.
