Newmark facilitated the sale of a 125,521-square-foot office building located at 75 Pleasant St. in Malden, MA. The property is currently vacant and offers flexible potential for future use. The seller was represented by Newmark’s 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 directors Joseph Alvarado and Casey Valente while the buyer was procured by locally based United Properties.
The terms of the sale were not disclosed; however it was reported by the Boston Business Journal that an affiliate of RMR Group sold the property for $7.8 million after purchasing it for $40 million in 2010. According to reports from the Business Journal ,the building was previously occupied by Massachusetts Department of Elementary and Secondary Education which has since relocated its offices to Everett.
Hallowell stated that “75 Pleasant St.” presents a great value-add opportunity in Malden Center – a rapidly developing downtown district with easy access to public transportation just north of Boston.”
