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Cross Ocean Partners And Lincoln Property Company Acquire Office Campus In Needham For $132M

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SOLD
$132,000,000
David Binswanger

Massachusetts

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Office409,197 SF
Sold 12/17/2025
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Property Image
SOLD

Cross Ocean Partners And Lincoln Property Company Acquire Office Campus In Needham For $132M

140 Kendrick Street

See Similar Deals
Office409,197 SF
Sold 12/17/2025
David Binswanger
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Summary

MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$322
Total Square Footage:409,197 SF
Transaction Type:Sale

The property asset involved in this transaction is an office campus located at 140 Kendrick Street in Needham, Massachusetts. It has a total square footage of 409,197 and was acquired for a transaction amount of $132,000,000, equating to a price per square foot of $323.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $132,000,000
  • Square Footage: 409,197
  • Price per Square Foot: $323
  • Address: 140 Kendrick Street
  • Market: Needham, MA
  • Buyer: Graham Goldsmith - Cross Ocean Partners
  • Buyer: Clay Duvall - Lincoln Property Company
  • Buyer: David Binswanger - Lincoln Property Company
  • Seller: Owen D. Thomas - Boston Properties

The deal was facilitated with Graham Goldsmith from Cross Ocean Partners, along with Clay Duvall and David Binswanger from Lincoln Property Company representing the buyers. Owen D. Thomas from Boston Properties was the seller involved in this transaction.

Players

Clay Duvall
20 deals$1.8B volume
BUYER

David Binswanger
Lincoln Property Company
16 deals$1.7B volume
BUYER

Lincoln Property Company
BUYER


Details

SOLD
IMAGE: Graham Goldsmith, Clay Duvall, David Binswanger & Owen D. Thomas DATE: 12/17/2025 ADDRESS: 140 Kendrick Street MARKET: Needham, MA ASSET TYPE: Office BUYER: Graham Goldsmith - Cross Ocean Partners & Clay Duvall & David Binswanger - Lincoln Property Company (@LincolnPropertyCo) SELLER: Owen D. Thomas - Boston Properties SALE PRICE: $132,000,000 SF: 409,197 ~ PPSF: $323 NOTE: Cross Ocean Partners and Lincoln Property Company acquired the 409,197-square-foot 140 Kendrick Street office campus in Needham, Mass., for $132 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$7,039,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$468,968.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$625,747.34
Annual Debt Service$7,508,968.12