Newmark Arranges $815M Sale of Charles Park Office Complex in Cambridge, Massachusetts

by Kristin Harlow

CAMBRIDGE, MASS. — Newmark has arranged the $815 million sale of Charles Park, a two-building office complex and parking garage in Cambridge. The Davis Cos. and Principal Real Estate Investors sold the asset to an affiliate of Alexandria Real Estate Equities Inc. (NYSE: ARE).

Charles Park spans 408,259 square feet and consists of two Class A office buildings, One Rogers Street and One Charles Park. The property also includes a 656-space, seven-level parking garage. Alexandria plans to redevelop the two buildings into life sciences space, but further details of that project were not provided.

Situated near Charles Park is the nearly 1 million-square-foot CambridgeSide complex, which is undergoing a residential and retail development. Charles Park is also located near two Massachusetts Bay Transportation Authority (MBTA) subway stations, the campus of Massachusetts Institute of Technology (MIT), the new Cambridge Crossing mixed-use development and Massachusetts General Hospital.

“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,” says Edward Maher, vice chairman with Newmark. “The asset is further surrounded by an unmatched laboratory and technology mecca in the life sciences epicenter of the world.”

Maher, along with Robert Griffin, Matthew Pullen and Samantha Hallowell of Newmark, represented the sellers.

Boston-based Davis owns a real estate portfolio of roughly 11.8 million square feet of office, healthcare, life sciences, industrial, retail and hospitality properties along with more than 4,000 residential units across the U.S.

Principal Real Estate Investors, which manages $98.4 billion in commercial real estate assets, is the dedicated real estate group of Principal Global Investors, a diversified asset management organization.

Alexandria owns, operates and develops life sciences, agtech and technology campuses in urban locations. The company’s stock price opened at $208.60 per share on Wednesday, Jan. 12, up from $164.01 per share one year ago.

— Kristin Hiller

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