NKF Negotiates $107M Sale of Mixed-Use Complex in Downtown Boston
BOSTON — Newmark Knight Frank (NKF) has negotiated the $107 million sale of a 192,890-square-foot office and retail complex in Downtown Boston.
Located at 226 Causeway St., the property features a tenant roster anchored by the corporate headquarters of Oxfam America, the Boston Celtics and two divisions of TripAdvisor, as well as a regional office for Stantec. Street-level retail at the property includes Equal Exchange Café and Title Boxing Club.
The complex is located near The Hub on Causeway, a 1.5 million-square-foot residential, retail and office addition to the TD Garden, a multi-purpose arena that serves as home to the Boston Bruins and Boston Celtics. Located along the Charles River in the bustling Haymarket Square submarket, the property sits in the shadow of the three bridges connecting downtown Boston to Cambridge, Charlestown and the North Shore suburbs.
EdwardMaher, Matthew Pullen, James Tribble, Samantha Hallowell and Robert Griffin of NKF’s Boston Capital Markets team represented the seller, Invesco, in the transaction. The buyer was Boston-based real estate private equity firm Rockpoint Group.
“226 Causeway epitomizes the ‘cool core’ investment profile, offering stable cash flow and tangible upside potential,” says Edward Maher, NKF vice chairman. “The asset is the beneficiary of significant capital improvements, resulting in best-in-class physical infrastructure highlighted by rare 35,000-square-foot floor plates and up to 13-foot-5-inch ceiling heights.”
— David Cohen