Barings has originated a $72.6 million loan to support the acquisition of 140 Kendrick St., a Class A office campus in Needham, MA. The financing is being provided to a joint venture formed by Cross Ocean Partners and Lincoln Property Company, which acquired the property from BXP in December 2025 in a $132 million transaction. Newmark brokered the sale of the campus, which positions the new ownership group to advance its business plan with fresh debt capital in place.
Jonathan Neff, managing director at Barings, said the lender is backing the sponsorship on the strength of the asset and its performance trajectory. He cited the property’s experienced ownership group, underlying fundamentals, and leasing momentum as key factors underpinning the decision to provide the loan on behalf of Barings investors. The financing aligns Barings with a joint venture targeting institutional-quality office product.
The campus at 140 Kendrick St. comprises three interconnected office buildings totaling 409,197 square feet. The site spans 14.3 acres and is located roughly 15 miles southwest of Downtown Boston, providing connectivity to one of the region’s primary employment and business hubs. The scale and configuration of the campus offer a contiguous, multi-building environment within a single address.
Access is facilitated by direct connections to Route 128 and Interstate 95, which are among the region’s major transportation corridors. The property also sits adjacent to the 600-acre Cutler Park Reservation, a large natural area that frames the campus with open space. This combination of transportation linkages and nearby parkland is a defining aspect of the location as described by the parties involved in the transaction.
With the new loan from Barings, the Cross Ocean Partners and Lincoln Property Company venture has formalized the capital structure supporting its December 2025 acquisition. The financing reflects lender engagement with a Class A asset featuring active leasing and a defined ownership strategy, while confirming continued debt availability for select office properties in the Boston area.
