Newmark Completes Sale of 34-50 Central Street in Wellesley, MA

BOSTON–Newmark announced the sale of 34-50 Central Street, a collection of three
boutique mixed-use buildings located in the Boston suburb of Wellesley, Massachusetts.

Newmark Co-Head of U.S. Capital Markets Robert Griffin and Managing Directors Jonathan
Martin and Paul Penman of the firm’s Boston Capital Markets Group represented the seller,
EDENS, and procured the buyer, Taymil Partners. Additionally, Newmark Vice Chairman
David Douvadjian, Sr., Executive Managing Director Timothy O’Donnell and Senior Managing
Director David Douvadjian, Jr. of the firm’s Boston Debt & Structured Finance Group
arranged financing on behalf of the buyer.

Totaling 40,860 square feet, 34-50 Central Street is presently 73% leased to a diverse
tenant roster, including apparel brands Lululemon and Faherty plus health/fitness retailer
Figurella, all of which recently opened on site.

“34-50 Central Street offers an exceptional ‘Main and Main’ location in the heart of
downtown Wellesley,” said Martin. “The downtown Wellesley retail market has benefited
from strong leasing demand and absorption in recent years, boasting some of the region’s
highest leasing spreads and lowest vacancy rates.”

34-50 Central Street is prominently situated at the corner of Central Street (Route 135),
downtown Wellesley’s primary thoroughfare, and Abbott Street. This places the buildings
just one block from the MBTA commuter rail’s Wellesley Square station and adjacent to a
113-space public parking lot.

“The 34-50 Central Street sale generated a highly competitive bidding process that included
local, national and global investors,” said Penman. “The wide range of debt options that were
available to buyers during this process further underscores the demand for highquality retail
real estate—a trend that is only heightened in best-of-the-best markets like Wellesley.”

“We received significant interest from lenders to provide acquisition financing for Taymil
Partners,” added Douvadjian, Jr. “Boston continues to be one of the best-banked markets in
the country, especially for transactions with high-quality sponsors and exceptionally welllocated assets such as 34-50 Central Street.”

Newmark Senior Financial Analyst Casey O’Brien provided financial analysis support for the
transaction.