Newmark completes 3rd sale at Warren Innovation Center

Firm sells 40 & 45 Technology Drive, two buildings totaling 140,000 sq. ft. that are 81% leased by STEM tenants

Newmark announced the sale of 40 & 45 Technology Drive in Warren on behalf of the joint venture partnership between Ivy Realty and Waterfall Asset Management.

Costar reported the purchase price was $19 million. The buyer was announced only as a private investor.

The portfolio comprises two multipurpose headquarters buildings totaling 140,000 square feet that are 81% leased for research & development, technology, product development, distribution, assembly and office uses.

Newmark officials said the properties benefit from over $2.4 million in recent capital investment, with improvements to the common areas, building infrastructure and site, as well as their location within Warren Innovation Center, one of the state’s STEM clusters.

The sale is the third that Newmark has completed at Warren Innovation Center for the joint venture over the last 15 months, including 7 Powder Horn Drive and 30 Technology Road. These sales totaled more than $57 million.

Newmark Executive Managing Director Kevin Welsh said the sale is a continuation of a repositioning of the campus.

“We are extremely pleased to have represented Ivy Realty and Waterfall Asset Management on the sale of 40 & 45 Technology Drive,” he said. “This sale signified the culmination of a highly successful repositioning of the campus, which included the rebranding to Warren Innovation Center and implementing an extensive capital improvement program.

“The successful repositioning was further illustrated by signing a long-term lease for 67,000 square feet with Huber + Suhner Astrolab Inc. for its U.S. HQ at 40 Technology Drive.”

Welsh, along with Managing Director Brian Schulz and associate Jason Emrani of Newmark’s Capital Markets group, along with support from Executive Managing Director Steven Schultz and Managing Director Dan Reider, represented the seller in the transaction. The team also was responsible for procuring the purchaser.