Major Real Estate Deal in Cambridge
Cambridge, MA—Newmark has announced the successful sale of 359 Allston Street, a premier life science property in Cambridge, Massachusetts. The deal was facilitated by a team led by Newmark Co-Head of U.S. Capital Markets Robert Griffin, along with key executives Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, and William Sleeper. Boston Private Capital Associate Directors Joseph Alvarado and Casey Valente also contributed to the transaction. The buyer, King Street Properties, acquired the asset from an undisclosed seller.
A Prime Location for Biotechnology
According to William Sleeper, 359 Allston Street is occupied by a well-established and rapidly expanding biotechnology company. The property, situated on a quarter-acre lot, features a highly efficient layout and private outdoor spaces, making it an attractive headquarters location. The building underwent a complete renovation in 2022 and is fully leased by Vaxess Technologies. Positioned within minutes of Kendall Square, the heart of Cambridge’s life sciences sector, and in close proximity to the Massachusetts Institute of Technology (MIT), the property offers a prime location for research and innovation. Additionally, the site benefits from convenient transportation links, including an MBTA Red Line station within a 12-minute walk.
Strategic Expansion by King Street
King Street Properties sees the acquisition as a key part of its growth strategy in the life sciences market. “Securing 359 Allston Street aligns with our long-term vision, and we appreciate Newmark’s role in making this transaction possible,” said Tyson Reynoso, Managing Director and Partner at King Street Properties. The company, a national firm specializing in life science real estate, owns and operates 6.5 million square feet of property across major life science hubs, including Boston/Cambridge, New York City, Raleigh/Durham, San Diego, and the San Francisco Peninsula. The acquisition further strengthens King Street’s presence in East Cambridge, a leading location for emerging biotechnology companies. Newmark Financial Analyst Grady Zink also provided support for the transaction.
