In the largest single-building life science transaction in the
U.S. year-to-date 2023*, an Alexandria Real Estate Equities, Inc.
affiliate and National Development transferred a partial interest
in a Class A life science development to Mori Trust
BOSTON, April 12,
2023 /PRNewswire/ -- Newmark has arranged the
recapitalization of 15 Necco Street, a 345,995-square-foot Class A
life science asset currently being developed in the Seaport
District of Boston, Massachusetts.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman
Edward Maher, Vice Chairman
Matthew Pullen and Managing
Director Samantha Hallowell of
the firm's Boston Capital Markets Group and Newmark Vice Chairman Alex Foshay, Divisional Head of the firm's
International Capital Markets Group, represented the partial
interest seller, an Alexandria Real Estate Equities, Inc. affiliate
and National Development, and procured the partial interest buyer,
Mori Trust Co., Ltd.'s U.S. subsidiary, MORI America LLC. The
recapitalization is the largest single-building life science
transaction in the U.S. year-to-date 2023* and Mori Trust's first
life science transaction in the country.
The laboratory/office component of 15 Necco Street will be fully
occupied by Eli Lilly and Company, one of the largest
pharmaceutical companies in the world, as the Lilly Institute for
Genetic Medicine. The waterfront property, which overlooks Fort
Point Channel and the Harborwalk, will also feature a
tenant-exclusive rooftop terrace, a publicly accessible lobby and
street-level retail space.
"15 Necco Street's long-term,
credit-rated anchor tenancy is a testament to its quality of
construction and prime urban location," said Maher. "The
state-of-the-art asset will serve as a model for sustainability,
efficiency and employee health and wellness while benefiting from
unmatched positioning in the country's top life science
market."
The life science asset is targeting LEED Gold Core & Shell,
Fitwel Life Science and WiredScore Platinum certifications. 15
Necco Street will also offer convenient walkability to public
transportation, situated just across the Summer Street Bridge from
South Station, one of Boston's
primary multi-modal transit hubs.
Newmark Senior Financial Analyst William
Sleeper provided financial analysis support for the
transaction.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark's company-owned
offices, together with its business partners, operate from
approximately 180 offices with nearly 6,700 professionals around
the world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that are not
historical facts are "forward-looking statements" that involve
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements. These
include statements about the effects of the COVID-19 pandemic on
the Company's business, results, financial position, liquidity and
outlook, which may constitute forward-looking statements and are
subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P
500® company, is a best-in-class, mission-driven
life science REIT making a positive and lasting impact on the
world. As the pioneer of the life science real estate niche since
its founding in 1994, Alexandria
is the preeminent and longest-tenured owner, operator and developer
of collaborative life science, agtech and advanced technology
campuses in AAA innovation cluster locations, including
Greater Boston, the San Francisco Bay Area, New York City, San
Diego, Seattle,
Maryland and Research Triangle.
Alexandria has a total market
capitalization of $35.0 billion and
an asset base in North America of
74.6 million SF as of December 31,
2022, which includes 41.8 million RSF of operating
properties and 5.6 million RSF of Class A properties undergoing
construction, 9.9 million RSF of near-term and intermediate-term
development and redevelopment projects and 17.3 million SF of
future development projects. Alexandria has a longstanding and proven track
record of developing Class A properties clustered in life science,
agtech and advanced technology campuses that provide its innovative
tenants with highly dynamic and collaborative environments that
enhance their ability to successfully recruit and retain
world-class talent and inspire productivity, efficiency, creativity
and success. Alexandria also
provides strategic capital to transformative life science,
agrifoodtech, climate innovation and technology companies through
its venture capital platform. Alexandria believes its unique business model
and diligent underwriting ensure a high-quality and diverse tenant
base that results in higher occupancy levels, longer lease terms,
higher rental income, higher returns and greater long-term asset
value. For additional information on Alexandria, please visit www.are.com.
About National Development
For over 30 years, National Development has been one of the most
active real estate investment and development firms in New England.
The firm has developed and/or acquired over 30 million SF across a
broad range of product types, creating great places and attractive
investments. For more information, visit natdev.com or
follow @nationaldevelop on Twitter and Instagram.
About Mori Trust Co., Ltd.
Mori Trust operates 65
buildings, residences, and commercial retails, and 30 hotels and
resort facilities across Japan (as
of March 2022), centering on three
businesses: real estate business, hotel & resort business, and
investment business), as well as a wide range of businesses that
enhance the value of cities. On the real estate developments side,
aiming to contribute to improving the quality of engagement and
communication, last year Mori formulated its new office vision,
DESTINATION OFFICE, in order to support the creation of offices
that attract workers. On the hotels and resorts side, Mori is
building a luxury destination network in Japan of premium hotels located in prime urban
and resort locations throughout the country, as part of its vision
to promote Japan as a high-end
tourism destination. On the investments side, in order to respond
quickly to changes in the business environment which may occur in
the future, Mori is actively promoting investment in a broad sense,
including capital participation in various companies, business
alliances, and other venture investments to ensure the growth of
the Group. Aiming to create new value by thinking outside the
framework of existing businesses, Mori is working on businesses in
new areas. In particular, the Group is promoting the workcation
business by combining know-how in the real estate business and
hotels & resorts business to propose a variety of work styles
and to stimulate tourism demand. In addition, Mori is focused on
the importance of wellness and launched a full-fledged wellness
business in 2020. For additional information, please visit
www.mori-trust.co.jp/english/.
*According to a review of data reported by MSCI Real Capital
Analytics.
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SOURCE Newmark Group, Inc.