Montego Bay, Jamaica – June 28, 2024 – Cushman & Wakefield announced today that the real estate services firm has arranged a sale-leaseback of 1 Megabyte Drive in Montego Bay, Jamaica for Cimpress plc. The 92,876-square-foot building is located on 6.58 acres of land and features a football field, paved parking and land for future development. The final sale price was $18,000,000.
Cushman & Wakefield’s Kevin McNamara and Michael O’Leary partnered with Christopher Mark Harris of Property Consultants Limited to represent the seller, Cimpress plc, in the transaction. The property was acquired by Active Traders Limited.
“We are thrilled to arrange the successful sale-leaseback of this property on behalf of Cimpress,” said McNamara. “Amidst challenging market dynamics, Active Traders proved to be the best partner in the sale-leaseback transaction, optimizing Cimpress’ local footprint while preserving its market presence.”
The 25,000-SF leaseback allows for Cimpress to right-size their real estate in Jamaica as they have and intend to keep a strong presence in this market through a combination of remote and in-office work.
The property is located in Barnett Tech Park, one of the largest office complexes in Jamaica spanning 315,000 square feet.
Cushman & Wakefield Arranges $18M Sale-Leaseback of 1 Megabyte Drive in Montego Bay, Jamaica
Jayden Lapin-Tatman • 6/28/2024
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.