5 Branch Street
Methuen Office Sold for $29.5 Million
Newmark announces the $29.5 million sale of 5 Branch Street, a medical office building anchored by Dana-Farber Cancer Institute and located north of Boston in Methuen, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Frank Nelson, Senior Managing Director Michael Greeley and Associate Allie Percoco of the firm’s Boston Capital Markets Group represented the seller, Marcus Partners, and procured the buyer, . 5 Branch is now 66% leased with 32,550 square feet of class A space available for lease.
Totaling 94,325 square feet, 5 Branch Street is 66% leased to Dana-Farber Cancer Institute as a regional outpatient flagship with 32,550 square feet of remaining availability that is well positioned to accommodate synergistic medical uses.
“Marcus Partners recently executed an exceptional redevelopment of 5 Branch Street, fully transforming it into a state-of-the-art clinical asset,” said Greeley. “The building also benefits from significant tenant investment with Dana-Farber featuring a dense cancer center layout and a compounding pharmacy on site. We congratulate Marcus Partners on a terrific outcome and applaud Celera and AEW for another strategic medical office acquisition in the New England market.”
5 Branch Street is well positioned in Merrimack Valley, providing its anchor tenant with the ability to serve patients across Massachusetts and New Hampshire. It benefits from seamless accessibility via Interstates 93 and 495 as well as an on-site Merrimack Valley Regional Transit Authority (MVRTA) bus stop.