NKF Arranges Greater Boston Medical Office Lease
- Jul 24, 2020
Newmark Knight Frank (NKF) has arranged a long-term, 8,017-square-foot medical office lease for Fresenius Kidney Care at 981 Worcester Street in Wellesley, Mass. NKF Senior Managing Directors Dan Krysiak and Michael Greeley negotiated the deal on behalf of the landlord, CEA Group. Bruk Realty Advisors Principal Jeff Bruk represented the tenant.
Initially developed in 1998 as an office building, the two-story, Class A asset spans 28,120 square feet and is currently undergoing a transformation process to solely medical office use. Upon conversion, the property will be able to house tenants between 5,000 to 20,000 square feet, with smaller spaces to be delivered as early as the fourth quarter of this year, followed by the larger spaces in the spring of 2021. The building features 13,600-square-foot floorplates, 12-foot clear ceiling heights and a parking ratio of four spaces per 1,000 square feet.
Fresenius will use the leased space for outpatient kidney care, dialysis and office operations. Located some 18 miles west of downtown Boston, the building sits on a 2.6-acre lot roughly 2 miles from downtown Wellesley, across from Newton-Wellesley Ambulatory Care Center. Fresenius Medical Care at Kindred Natick is some 4 miles south.
Earlier this month, an NKF Capital Markets team brokered a $125 million sale-leaseback transaction involving a 290,000-square-foot life sciences campus in Cambridge, Mass. The 27-acre property encompasses office, laboratory and R&D space across 10 office and industrial buildings.