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**Cross Ocean and Lincoln Property Company Acquire 140 Kendrick Street for $132 Million**
Cross Ocean Partners and Lincoln Property Company have acquired 140 Kendrick Street, a premier office campus in Needham, Massachusetts, for $132 million. The 409,197-square-foot complex, situated in the southwestern suburbs of Boston, is currently home to tenants including Wellington Management, Clarks, and Walker & Dunlop.
The transaction was brokered by a Newmark team led by Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, and William Sleeper, who represented the seller, BXP, and secured the buyer. Newmark’s Boston Debt & Structured Finance team—comprising David Douvadjian, Sr., Timothy O’Donnell, David Douvadjian, Jr., Bobby Alvarado, Conor Reenstierna, and Harrison Zucco—has been retained to provide post-closing mortgage financing.
Originally developed by BXP in 2000, the three-building office campus recently completed a $27.8 million capital improvement program. Once utilized as a single-tenant property, 140 Kendrick Street is now 96.4% leased, demonstrating strong post-pandemic leasing momentum.
“140 Kendrick St. exemplifies the perfect blend of quality, prime location and long-term stability,” said Scott Faber, Senior Vice President of Investments at Lincoln Property Company’s Boston office. “This premier campus stands out as a top-tier property, attracting high-caliber companies seeking exceptional office space in a competitive market.”
This marks another strategic collaboration between Cross Ocean and Lincoln, who previously partnered to acquire 470 Vanderbilt Avenue in Brooklyn earlier this year.
*Photo courtesy of Newmark.*
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