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iverside Properties has acquired 160 Gould Street, a 135,272-square-foot office building in Needham, MA, for $19 million. The purchase price reflects the shifting dynamics in Greater Boston's commercial real estate market, where pricing and occupancy are under pressure.
The sale was facilitated by Newmark, which represented the seller, James Campbell Company, and procured the buyer. According to the Boston Business Journal, the purchase price marks a significant decline from the $26 million James Campbell Co. paid for the property in 2012, and even lower than the $28 million it sold for in 2001.
Located less than 20 miles from Downtown Boston, the building offers convenient access to Interstate 95 and sits five miles south of the I-90 interchange. Its sub-divisible floor plates and three-story atrium lobby provide flexibility and appeal for tenants seeking suburban space with urban-style amenities.
Newmark's Capital Markets team facilitated the transaction, led by Co-Head of U.S. Capital Markets Robert Griffin and including Executive Vice Chairman Edward Maher. "160 Gould Street is a historically strong performer that offers an attractive mix of stable in-place tenancy and upside potential," said Newmark's Samantha Hallowell.
The building has a diverse tenant base, including Leader Bank, the Bulfinch Group, and Justice Resource Institute. A former full-service cafeteria and outdoor area present opportunities for future amenity enhancements. Despite the market headwinds, Riverside Properties continues to focus its investments in Greater Boston suburbs, betting on long-term recovery and the appeal of well-located suburban assets that can adapt to evolving tenant needs.
The sale occurs amid a broader downturn in the Boston-area office market, with high vacancy rates and declining valuations becoming the norm. A report from the Boston Policy Institute warns that Boston could face an annual budget shortfall due to falling office values and the city's reliance on commercial property tax revenues.
