Cross Ocean, Lincoln Partner on Needham Office Acquisition from BXP

Barchart·12/18/2025 11:04:18

Cross Ocean Partners and Lincoln Property Company have acquired 140 Kendrick St., a trophy office campus in Needham, MA, for $132 million. The 409,197-square-foot property in a southwestern suburb of Boston is home to Wellington Management, Clarks and Walker & Dunlop.

A Newmark team of Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper represented the seller, BXP, and procured the buyer. Additionally, Newmark’s Boston Debt & Structured Finance team, comprised of David Douvadjian, Sr., Timothy O’Donnell, David Douvadjian, Jr., Bobby Alvarado, Conor Reenstierna and Harrison Zucco, has been engaged to provide post-closing mortgage financing.

Originally developed by BXP in 2000, the three-building property recently underwent a $27.8-million capital improvement program. Following a period as a single-tenant asset, the campus leased up entirely in the post-COVID years and now maintains a 96.4% occupancy rate.

“140 Kendrick St. exemplifies the perfect blend of quality, prime location and long-term stability,” said Scott Faber, SVP of investments at Lincoln’s Boston office. “This premier campus stands out as a top-tier property, attracting high-caliber companies seeking exceptional office space in a competitive market.”

Cross Ocean and Lincoln previously teamed to acquire 470 Vanderbilt Ave. in Brooklyn this past August.

Photo courtesy of Newmark.

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