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United Properties Acquires Vacant Malden Offices
Newmark arranged the sale of 75 Pleasant St., a vacant 125,521-square-foot office building with flexible future use potential in Malden, MA. 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 represented the seller and procured the buyer, locally based United Properties.
Terms of the sale weren’t disclosed. However, the Boston Business Journal reported that the seller was an affiliate of the RMR Group, which paid $40 million for the property in 2010 and sold it for $7.8 million. It was formerly occupied by the Massachusetts Department of Elementary and Secondary Education, which has since relocated its offices to Everett, the Business Journal reported.
“75 Pleasant St. presents an attractive value-add opportunity in the heart of Malden Center, a rapidly transforming, transit-oriented downtown district in an ‘urban edge’ community just north of Boston,” said Hallowell.
- ◦Sale/Acquisition
