Newmark Knight Frank Arranges $330M Sale of Reservoir Woods East Office Campus Near Boston
WALTHAM, MASS. — Newmark Knight Frank (NKF) has arranged the $330 million sale of Reservoir Woods East, a two-building, 515,273-square-foot office campus in Waltham.
The building located at 40 Sylvan Road is a three-story, 312,845-square-foot asset, while the building at 50-60 Sylvan Road is a two-story, 202,428-square-foot property. The campus, which is situated 18 miles west of downtown Boston, also features up to 440,000 square feet of development potential, ideal for life-sciences use. A subsidiary of Verizon Laboratories leases space at 50-60 Sylvan on a short-term basis.
Edward Maher, Robert Griffin, Matthew Pullen and Samantha Hallowell of NKF represented the seller, a joint venture between affiliates of Marcus Partners and The Davis Cos., in the transaction. The buyer was not disclosed. William Sleeper, also of NKF, provided financial analysis support.
“Reservoir Woods East offers an attractive combination of near-term cash flow and long-term development upside within greater Boston, which is arguably the country’s most attractive market,” says Maher, vice chairman of NKF. “The property presents an exceptional opportunity to benefit from the momentum of the Waltham-Lexington life sciences cluster, which has become a bona fide extension of Cambridge in recent years.”
The Reservoir Woods East campus also includes a structured parking garage with 1,319 parking spaces.
The campus is situated one mile from Reservoir Woods, a 120-acre, 870,000-square-foot office campus that The Davis Cos. still owns.
— Alex Tostado