Cross Ocean Partners and Lincoln Property Company Acquire 409,000-SF Office Campus in Needham, Massachusetts

140 Kendrick Street is a premier suburban office campus in one of Greater Boston’s most sought-after locations

NEEDHAM, Mass.--(BUSINESS WIRE)--Cross Ocean Partners (“Cross Ocean”), a global asset management platform focused on special situations, credit and hard asset investments, and Lincoln Property Company (“Lincoln”), a global, full-service real estate firm, today announced the acquisition of a trophy office campus in Needham, Massachusetts for $132 million.

Located at 140 Kendrick Street, just 15 miles southwest of Downtown Boston, the 409,197-square-foot property is home to notable tenants including Wellington Management, Clarks, and Walker & Dunlop.

Originally developed by BXP in 2000 and recently transformed through a $27.8 million capital improvement program, 140 Kendrick Street represents one of Greater Boston's premier office destinations.

“140 Kendrick Street exemplifies the perfect blend of quality, prime location, and long-term stability," said Scott Faber, Senior Vice President of Investments at Lincoln Property Company’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.”

The campus leased up entirely in the post-COVID environment and now maintains a 96.4% occupancy rate. Building A, fully occupied by Wellington Management, represents the first net-zero, carbon-neutral office repositioning of its scale in Massachusetts and has achieved LEED v4 Gold certification.

“We are excited to partner with Lincoln Property Company to acquire this exceptional office campus,” said Terence Kim, Managing Director, US Credit at Cross Ocean. “140 Kendrick Street reflects our investments in high-quality, well-located buildings with strong amenities, sustainable design, and long-term tenancy.”

This acquisition marks the second joint venture between Cross Ocean and Lincoln, reflecting Cross Ocean’s expanding real estate platform and its strategy of investing in high-quality office assets, while reinforcing Lincoln’s continued focus on premier suburban campuses.

About Cross Ocean

Cross Ocean Partners Management LP (together with its affiliates, including Cross Ocean Adviser LLP) is a global asset manager with approximately $10.7 billion of assets under management and 80+ employees across its offices in Greenwich (CT), London and Dublin. Cross Ocean is led by Graham Goldsmith, CEO and co-CIO, and Steve Zander, Head of Europe and co-CIO. It invests globally in a broad range of asset classes including real estate. www.crossoceanpartners.com.

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space. For more information, visit: www.lpc.com.