{"id":1004673521,"date":"2023-07-26T00:37:59","date_gmt":"2023-07-26T08:37:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004673521"},"modified":"2023-07-26T00:38:01","modified_gmt":"2023-07-26T08:38:01","slug":"boston-office-buildings-trade-for-58m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/","title":{"rendered":"Boston Office Buildings Trade for $58M"},"content":{"rendered":"
\"50

50 Minuteman Road. Image courtesy of Newmark<\/em><\/p><\/div>\n

Rhino Capital Advisors <\/strong>has purchased two Class A office and R&D buildings in Andover, Mass., for $58 million. Peakstone Realty Trust <\/strong>sold the fully leased properties.<\/p>\n

Situated 25 miles north of Boston, the two assets are 50 Minuteman Road and 6 Technology Drive. CommercialEdge data shows that Peakstone Realty Trust purchased both buildings in March 2021.<\/p>\n

Aerospace and defense technology and solutions provider Mercury fully occupies 50 Minuteman Road. The asset totals 145,262 square feet and is located on approximately 14 acres, according to CommercialEdge data. Completed in 1997, the building stands at three stories. It includes 531 parking spaces and a fitness center.<\/p>\n

Totaling 128,400 square feet, 6 Technology Drive is occupied by Dr\u00e4ger, a medical and safety technology product manufacturer. The company uses the location as a design, development and manufacturing flagship facility.<\/p>\n

\"6

6 Technology Drive. Image courtesy of Newmark<\/em><\/p><\/div>\n

The same data shows that 6 Technology Drive came online in 1984. The two-story building includes 5,400 square feet of laboratory space and 406 parking spaces. It sits on an approximately 13-acre lot.<\/p>\n

Interstate 93 and 495 offer tenants of 50 Minuteman Road and 6 Technology Drive access to the larger Boston, Massachusetts and Northeastern territories.<\/p>\n

Newmark\u2019s <\/strong>Robert Griffin, co-head of U.S. capital markets, Edward Maher, executive vice chairman, Matthew Pullen, vice chairman, and Samantha Hallowell, senior managing director, represented the seller and procured the buyer.<\/p>\n

Boston continues to grow<\/h2>\n

With their close proximity to Boston, both assets are nearby some 2 million square feet of existing and developing life science projects. More than half, specifically 54.8 percent<\/a>, of Boston\u2019s current office supply pipeline was life science space as of January. Considering the city\u2019s popularity for life science and research, paired with a strong university presence, the Boston market holds the largest under-construction office supply in the nation.<\/p>\n

Recently, One Boston Wharf, a 707,000-square-foot office building<\/a> in Boston, topped out. Upon its completion in 2024, Amazon is set to house the building\u2019s entire office space. The developer, WS Development, completed a similar high-rise Boston office building previously.<\/p>\n","protected":false},"excerpt":{"rendered":"

Newmark represented the seller, Peakstone Realty Trust, and procured the buyer.<\/p>\n","protected":false},"author":3006,"featured_media":1004673522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21784,21783,10,21747],"tags":[50999],"class_list":["post-1004673521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-brokerage","category-investment","category-northeast","category-office","tag-newmark"],"acf":[],"yoast_head":"\nBoston Office Buildings Trade for $58M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Newmark represented the seller, Peakstone Realty Trust, and procured the buyer, Rhino Capital Advisors, in the deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston Office Buildings Trade for $58M\" \/>\n<meta property=\"og:description\" content=\"Newmark represented the seller, Peakstone Realty Trust, and procured the buyer, Rhino Capital Advisors, in the deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-26T08:37:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-26T08:38:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/50-Minuteman-Road.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/\",\"name\":\"Boston Office Buildings Trade for $58M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/50-Minuteman-Road.jpg\",\"datePublished\":\"2023-07-26T08:37:59+00:00\",\"dateModified\":\"2023-07-26T08:38:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/366883c93fc1efde412301ab6a4570f9\"},\"description\":\"Newmark represented the seller, Peakstone Realty Trust, and procured the buyer, Rhino Capital Advisors, in the deal.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-office-buildings-trade-for-58m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/50-Minuteman-Road.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/50-Minuteman-Road.jpg\",\"width\":800,\"height\":620,\"caption\":\"50 Minuteman Road. 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