PARAGON TOWERS NEWTON’S MOST ICONIC OFFICE BUILDING EXECUTIVE SUMMARY
Boston Realty Advisors is pleased to present 233 Needham Street, a rare opportunity to acquire a Class A mixed-use property located in Newton, Massachusetts. Known as "Paragon Towers", this iconic five-story 60,826 RSF building includes four floors of office above ground floor retail space. Currently 100% leased with a diverse, 16-tenant roster, 233 Needham Street offers investors a fully-stabilized generational asset in a thriving suburban submarket. Value-add upside exists with a portion of the rent roll at below market rents.
Paragon Towers, arguably Newton’s most recognizable office building, has benefited from a recent capital improvement campaign, which included updates to the common areas, kitchen/lounge, on-site fitness center and the structured covered parking garage. 233 Needham Street puts everything office users want at their fingertips with unmatched walkable amenities and superior commuter accessibility.
The asset is ideally positioned in the heart of one of the most exclusive and affluent residential communities in New England. The combination of excellent schools, convenient public transportation and abundant retail destinations make Newton one of the most desirable communities in Massachusetts. This well-heeled suburb is also recognized for its expanding infrastructure and close proximity to Boston, all within the N2 Innovation District which has an abundance of both emerging innovative companies, educational institutions and established employers including Trip Advisor, Shark Ninja, PTC, Harvard Vanguard Medical Associates, Mount Ida College and Olin College.
233 Needham Street is offered for sale on an unpriced basis. We will be conducting tours of the property in the upcoming weeks with a “call-for-offers” to follow. INVESTMENT HIGHLIGHTS
DIVERSIFIED TENANT MIX & STABILIZED CASH FLOW AMENITY-RICH & THRIVING N2 TRANSIT-ORIENTED INNOVATION DISTRICT LOCATION 233 Needham Street is located in the heart of Situated between Routes 9 and 128/95, the N2 Innovation District, one of Boston’s most and just minutes from the Mass Pike, 233 dynamic suburban office submarkets. The N2 VALUE-ADD OPPORTUNITY Needham Street offers superior highway Innovation District spans approximately 500 acres along the Newton-Needham town line and Upside exists from portion of rent roll accessibility to surrounding suburbs is home to notable companies and educational at below market rents. and downtown Boston. The Newton Highlands MBTA Commuter Rail station institutions including Trip Advisor, Shark Ninja, is located one mile from the asset. PTC and Big Belly Solar and Mount Ida College.
IDEAL BLEND OF GENERATIONAL ASSET URBAN & SUBURBAN
RECENT CAPITAL IMPROVEMENTS STRONG MARKET FUNDAMENTALS Paragon Towers recently underwent an extensive renovation to the common The 128 West submarket continues NEWTON’S MOST ICONIC tenant areas including the new fitness to experience low vacancy rates, EXCEPTIONAL OFFICE BUILDING center and kitchen/ lounge area as well positive absorption and steadily DEMOGRAPHIC PROFILE as upgrades to the structured covered increasing rental rates. parking garage. LOCATION OVERVIEW
BOSTON
233 NEEDHAM STREET NEWTON
CHESTNUT HILL NEWTON NEWTON HIGHLANDS DEMOGRAPHICS NEXUS
1 MILE 3 MILES 5 MILES
NEEDHAM ST NEEDHAM POPULATION 16,525 129,478 447,303
NORTHLAND CHARLES RIVER WELLS AVE DEVELOPMENT AVERAGE AGE 43.5 38.2 35.5 LANDING OFFICE PARK AVG HOUSEHOLD INCOME $186,401 $171,928 $130,758
CHARLES ST AVG DISPOSABLE INCOME $117,254 $109,312 $86,917
WEXFORD ST
2ND AVE Source: REIS FREMONT ST
A STREET
HIGHLAND AVE CENTER 128 MUZI 3RD AVE DEVELOPMENT 1.0 MILE NEW EXIT 19 EXIT 19 to Newton Highlands MBTA B STREET ON/OFF RAMP CUTLER POND Commuter Rail Station
KENDRICK STREET HOTEL DEVELOPMENT SITE 25 MIN 12 MIN Drive to Boston Drive to Mass Pike PROPERTY DETAILS
Property Name Paragon Towers
Street Address 233 Needham Street, Newton, MA
Primary Use Low-rise Office
Year Built 1988
Reported Occupancy 100% Occupancy
Zoning MU1
# of Stories 5-stories above ground with abutting 5-story parking garage
Net Rentable Building Area 60,826
Site Area 1.01 acres
# of On-Site Parking Spaces 188 Spaces
# of On-Site Handicap Parking Spaces 6 Spaces
Parking Garage/Carports 5-story abutting parking garage, with one level below grade
Substructure Structural Steel
Cellar/Basement/Crawl Space Continuous perimeter concrete frost walls with interior column supports
Exterior Facade(s) Brick veneer
Roof(s) Ballasted EPDM
Heating Water-source, ceiling-mounted heat pumps integrated to gas-fired boilers
Air-conditioning Water-source, ceiling-mounted heat pumps integrated to a rooftop cooling tower
Electric Wiring Copper (distribution)
# of Elevators Two (2) hydraulic
Fire Sprinkler Wet sprinkler system in office building and dry system in parking garage JEREMY A. FREID, SIOR ADAM T. MEIXNER MEGHAN HUEBNER ANTHONY W. BIETTE Managing Director & Sr Partner Managing Director & Sr Partner Client Services Associate Managing Director 617.850.9602 617.850.9660 617.850.9648 617.850.9634 [email protected] [email protected] [email protected] [email protected]
JASON S. WEISSMAN NICHOLAS M. HERZ MICHAEL A. D’HEMECOURT WHITNEY GALLIVAN Founder & Senior Partner Managing Director & Partner Managing Director & Sr Partner Managing Director & Partner 617.850.9608 617.850.9624 617.850.9670 617.850.9612 [email protected] [email protected] [email protected] [email protected]
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