Lincoln Property JV Pays $132M for Metro Boston Office Campus
This is the partnership’s second acquisition in the sector this year.
Image courtesy of Yardi Matrix
Lincoln Property Co. and Cross Ocean Partners have purchased a 409,000-square-foot office campus in Boston’s suburb of Needham, Mass., for $132 million. BXP sold the asset at 140 Kendrick St. Newmark represented the seller and procured the buyer.
The acquisition marks the joint venture’s second purchase this year. Namely, in August, the partnership bought 470 Vanderbilt, a fully leased, 650,000-square-foot office building in Manhattan, for $195 million.
Boston’s office investment sales activity reached almost $1.2 billion in October, prices averaging $158 per square foot, according to a recent Yardi Matrix report. Several peer markets registered higher sale volumes, including Manhattan ($6.4 billion), Washington, D.C. ($3.6 billion), Dallas ($2.5 billion) and Los Angeles ($2.2 billion).
A Boston-area, LEED-certified campus
Developed in 2000 by BXP, the complex comprises three interconnected three-story buildings across a 16-acre site, featuring 56,500-square-foot floorplates, a fitness center, conference rooms and a multi-level parking area. The LEED Gold-certified property underwent a $27.8 million capital improvement program in 2020.
The campus was 96.4 percent leased at the time of sale. Wellington Management fully occupies Building A, the first net-zero, carbon-neutral office repositioning of its size in the state.
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The tenant roster also includes Clarks, International Data Corp., Patheon, Walker & Dunlop, Focus Partners Wealth and CyberArk. Focus Partners and CyberArk leased 90,000 and 60,000 square feet, respectively, at the office campus in October 2025, Boston Business Journal reported at the time.
The property is adjacent to Cutler Park Reservation, just off Interstate 95, which connects the campus to downtown Boston, some 17 miles northeast.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper brokered the sale. In addition, Vice Chairman David Douvadjian Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian Jr., Associate Directors Bobby Alvarado and Conor Reenstierna and Financial Analyst Harrison Zucco, have been engaged by the buyer to provide post-closing mortgage financing.
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