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56 New Driftway

Tyler Savonen And Christopher Knisley Acquire Office In Scituate For $7.4M With Newmark Brokers
SOLDOffice

Tyler Savonen And Christopher Knisley Acquire Office In Scituate For $7.4M With Newmark Brokers

56 New Driftway

$7,400,000

$308/SF

Building Size

24,019 SF

Asset Type

Office

Closing

May 28, 2025

AI

The property involved in this transaction is an office asset located at 56 New Driftway in Scituate, MA. The sale price was $7,400,000, and the total square footage of the property is 24,019 square feet, resulting in a price per square foot of $308.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $7,400,000
  • Address: 56 New Driftway
  • Market: Scituate, MA
  • Square Footage: 24,019
  • Price Per Square Foot: $308
  • Buyer: Tyler Savonen & Christopher Knisley - Albany Road Real Estate Partners
  • Seller: Fulcrum Real Estate Partners
  • Broker Representatives: Michael Greeley, Robert Griffin & Frank Nelson - Newmark

This transaction involved key players in the real estate market, with Tyler Savonen and Christopher Knisley representing Albany Road Real Estate Partners as the buyers. The sellers were Fulcrum Real Estate Partners, facilitating the sale through brokers Michael Greeley, Robert Griffin, and Frank Nelson from Newmark.

Players

Frank Nelson

Newmark

Broker

$442.5M

vol

9 deals

Broker
Newmark
NewmarkBrokerage

Christopher Knisley

Albany Road Real Estate Partners

Buyer

$98.8M

vol

5 deals

Buyer
Albany Road Real Estate Partners
Albany Road Real Estate PartnersBuyer

Scituate Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.14%

Cash-on-Cash

-0.61%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93