Real estate services firm Newmark recently announced it had completed the sale of Charles Park, a complex comprised of two office buildings totaling 408,259 square feet of office space in Cambridge, Mass. A Newmark team of Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of the company’s Boston Capital Markets division represented the seller, The Davis Companies and Principal Real Estate Investors.
Newmark also procured the buyer — an affiliate of Alexandria Real Estate Equities, which is a REIT that specializes in owning, operating, and developing life sciences, aggrotech, and technology campuses. Charles Park’s new owner paid $815 million for the Class A complex.
Built on a lot spanning more than three acres, Charles Park is well-positioned in the vicinity of First Street in the northeastern part of Kendall Square — one of the state’s most prestigious neighborhoods. The area benefits from a high concentration of tech companies and successful startups, as well as the nearby Massachusetts Institute of Technology. Charles Park is also conveniently located near two Massachusetts Bay Transportation Authority subway stations, as well as the 1-million-square-foot CambridgeSide development, which will include residential and retail properties.
In addition to its location, the property also includes 656 parking spaces in a seven-level parking garage, as well as software company Pegasystems as its primary anchor tenant. The buildings will reportedly be redeveloped into life sciences space through a joint effort by Davis and Alexandria, adding it to East Cambridge’s cluster of high-tech laboratories and life sciences research facilities.
“Charles Park is well positioned along Kendall Square’s rapidly expanding First Street corridor with immediately recognizable architecture highlighted by its distinctive, horseshoe-shaped façade,” said Maher. “The asset is further surrounded by an unmatched laboratory and technology mecca in the life science epicenter of the world.”