Dealmaker: Newmark Knight Frank Brokers Two Sales Totaling $214M
Newmark Knight Frank, New York, brokered two property sales in Boston and Los Angeles that totaled $213.5 million.
In Boston, Invesco Real Estate, Atlanta, sold retail-office condominium 226 Causeway to Rockpoint Group, Boston, for $107 million. NKF Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Director James Tribble and Associate Director Samantha Hallowell represented Invesco.
Totaling 192,900 square feet, 226 Causeway tenants include TripAdvisor’s corporate headquarters, Oxfam America and the Boston Celtics. Its street-level retail component includes Equal Exchange Café and Title Boxing Club.
The Boston Business Journal reported Invesco paid $91.65 million for the asset in 2015.
Maher said 226 Causeway offers stable cash flow and tangible upside potential. It occupied a transit-oriented location adjacent to the North Station Amtrak and commuter rail terminal, the Leonard Zakim Bridge and I-93. The asset is surrounded by a mixed-use neighborhood that includes The Hub on Causeway, a 1.5 million square foot residential, retail and office addition to the TD Garden, home to the Boston Bruins and Boston Celtics.
NKF also negotiated sale of Gateway Towers, an office property located at 970 and 990 190th St. in Los Angeles. Equity Office Properties, Chicago, sold the asset to The Ruth Group, Los Angeles, and capital partner Roxborough Group, San Francisco, for $106.5 million.
Kevin Shannon, Co-Head of NKF’s U.S. Capital Markets team, represented Equity Office Properties in the disposition with Executive Managing Director Ken White, Senior Managing Director Scott Schumacher and former NKF Senior Associate Guillermo Boisson, now with Artisan Realty Advisors. NKF Executive Managing Director David Milestone and Senior Managing Director Brett Green secured the buyer’s financing.
The 443,500-square-foot asset was 91 percent leased at closing. Herbalife International of America anchors the twin nine-story towers. The Ruth Group plans to develop the land between the towers, creating restaurant, amenity and creative office space.
