Lincoln, Cross Ocean Land $73M for Boston-Area Office Campus
The joint venture purchased the property in December.
A joint venture between Lincoln Property Co. and Cross Ocean Partners has received a $72.6 million loan for its office asset at 140 Kendrick Street in Needham, Mass., a submarket of Boston. Barings provided the financing.
The partnership paid $132 million in December 2025 to purchase the campus from BXP. The Barings loan provides post-closing financing for the acquisition. Spanning 409,197 square feet across 14.3 acres, 140 Kendrick Street comprises three interconnected office buildings.
At the time of sale, the property was 96.4 percent leased. Tenants at the campus include Wellington Management—which occupies one full building—IDG and Clarks, according to Yardi Matrix. Other recent leasing activity includes CyberArk and Ascensus, whose leases commenced in 2025, the same source shows.
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Tenants have access to such amenities as a fitness center, a café, a coffee bar and outdoor gathering spaces. In 2020, the former owner completed a $27.8 million capital improvement program.
In August 2025, Cross Ocean and Lincoln worked together to purchase 470 Vanderbilt Ave., a 650,000-square-foot office building in New York City, from RXR. This transaction was the companies’ first joint venture.
140 Kendrick Street is adjacent to Interstate 95 and 17 miles outside of Downtown Boston. Boston Logan International Airport is approximately 20 miles away.
Lincoln builds Boston momentum
Boston’s office vacancy rate showed stability at 16.9 percent as of May, unchanged year over year and below the 17.6 percent national average, according to a recent Yardi Matrix office metro update. Office investment volume totaled $483 million through May, behind most gateway markets besides Seattle and San Diego.
Earlier this summer, Lincoln Property Co. made another purchase in the area through a partnership with investors advised by J.P. Morgan Asset Management. The company acquired The Edge, a seven-building, 962,000-square-foot office campus for $61 million from Hobbs Brook Real Estate. Lincoln is planning to reposition the development into a mixed-use property.
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