Newmark Wins 1 MSF Office Assignment
- Jun 27, 2011
June 24, 2011
By Barbra Murray, Contributing Editor
Newmark Knight Frank has come out on top in a competitive bid to serve as exclusive office leasing agent for New Quincy Center, Street-Works Development L.L.C.’s $1 billion mixed-use project that is in the works in Quincy, Mass. The commercial real estate services firm will market approximately million square feet of diverse office space that will eventually materialize at the suburban Boston transit-oriented development.
“New Quincy Center is Street-Works’ vision combined with Mayor Thomas P. Koch and the City’s vision in a complete public-private partnership,” Drew Nelson, principal with Newmark, told CPE. Nelson and executive vice president and principal Paul Ippolito are heading-up the marketing team “This is the culmination of a communitywide planning process that defined the strategy for the revitalization of downtown Quincy.” Over $250 million in funding from the city, state and federal government has been made available for the redevelopment of the downtown area.
New Quincy Center will play a big part in the renaissance. It will be a city within city, located just eight miles south of Beantown. The 50-acre master-planned development will spout up in phases and will ultimately yield 1,200 residential units; 750,000 square feet of retail space; two hotels; and an office segment with space for corporate office, professional office, wellness and education tenants. It’s an assignment any broker would want.
“When it’s done, it will be something never before seen in Boston,” Nelson stated. “There will be streetscape retail, housing and office space that will feed off itself. We feel there is a thirst out there for more urban settings other than downtown Boston and this project will allow employers to have their employees in a more productive environment, an environment where they will be able to live, work, dine and shop.”
And then there’s the all-important transportation issue. “The infrastructure is already there,” he noted. New Quincy center will sit within quick and easy reach of Route 128/95, I-93 and stations for the region’s metro system, the T. “In places with enhanced transit systems that effectively connect workers to their jobs, transit’s share of the commute trip is significantly higher than the national average,” according to a study released by the Center for Transit-Oriented Development in May of this year. “The phenomenon is true for certain transit corridors in the Boston area, where ridership to employment within a half-mile of Red Line stations can account for as much as a 79 percent share of commute mode.” The Red Line will have a direct connection to the property. Alternatively, for those who choose to avail themselves of the easily accessible thoroughfares, New Quincy Center will provide ample accommodations with 5,000 structured parking spaces.
“This is what Street-Works is expert at, creating vibrant neighborhoods,” Nelson said. “The project will be the revitalization of an historic downtown area to bring it into the now, and make it relevant again. When it’s done, it will add so much to Quincy; it will be something that doesn’t exist anywhere in suburban Boston.”
The initial phase of New Quincy Center is targeted to deliver in 2015. Newmark has not kicked of its formal marketing campaign just yet, but the firm has acquainted a select group of potential tenants with the gargantuan endeavor. “We think companies will be attracted by the new state-of-the-art, efficient and green construction in a vibrant master-planned, mixed-use neighborhood that will also be easily accessible through public transportation.”
Of course, Street-Works believes Newmark is up to the task, having selected the firm for the gargantuan office leasing and marketing assignment from what was undoubtedly a pool of eager bidders. “The Newmark Knight Frank team combines the creative and entrepreneurial spirit of a boutique firm, with the support and outreach of a multinational player in the industry,” Jeffrey Levien, senior director of development for Street-Works, noted. “I have personally worked with the firm for over 20 years and the brokers bring a unique drive and understanding in how to deliver our vision to the business community so that new Quincy Center thrives.”