Riverside Properties has acquired the Needham Corporate Center at 160 Gould St. in Needham, Mass. Newmark represented the seller, James Campbell Co., in the transaction.
Newmark’s Co-Head of U.S. Capital Markets Robert Griffin, along with Boston Capital Markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper, along with Boston Private Capital Associate Directors Joseph Alvarado and Casey Valente, led the transaction. The team represented the seller and secured the buyer.
Located under 20 miles from Boston, the three-story, 135,272 square-foot low-rise property was built in 1987. Floorplates at the property total approximately 45,000 square feet. The office is off Interstate 90 and sees more than 11,000 cars drive past the building daily, according to CommercialEdge. The property features 434 parking spaces, controlled access and a cafe.
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CommercialEdge research shows that James Campbell Co. purchased the 4.1-acre property in 2012 from Nuveen Real Estate for $26.4 million. The same source lists Leader Bank, The Bulfinch Group and Prudential among the property’s tenants.
Newmark’s Matthew Malatesta has been the property’s leasing broker and assisted with local leasing expertise for the transaction, with Financial Analyst Grady Zink offering analytical support.
Boston office space trades at discounted rates
This year has been off to a strong start for office sales across the nation, with a CommercialEdge report showing that during quarter one, 61.6 million square feet traded for a combined $10.1 billion across 486 transactions. Which was an increase from the previous year’s first quarter. With Boston leading the nation in deliveries, most new buildings were life-science-related.
While the Boston market is recording strong numbers for 2025, properties are selling at discounted rates. Nuveen sold a Boston high-rise for $227 million— $100 million below the asset’s evaluation. Nuveen had purchased the property for $273 million.
Most recently, James Campbell Co., sold a 160,482-square-foot office property for $11.8 million in Medford, Mass. In 2014, the asset traded for $30.3 million.
