Newmark hired veteran Boston life science property broker Steve Purpura as an executive vice chairman as the property sector shows signs of stabilization.
Purpura has more than three decades of experience advising building owners, developers and occupiers across office and life science real estate. In his new role, Purpura will partner with Newmark’s top teams on leasing and other real estate initiatives, with an emphasis on the Boston region, while collaborating locally and nationwide, the company said.
Purpura most recently served as president of Beacon Capital Partners’ Life Science platform. Previously, he was a vice chairman at CBRE with leadership responsibilities across the Northeast and was closely associated with the region’s expanding life sciences platform. Earlier in his career, he worked at Transwestern and as a partner at Richards Barry Joyce & Partners.
"Steve is one of the most respected professionals in the Boston region, with a proven track record advising premier clients at the intersection of office, life sciences and long-term growth strategy," said Lou Alvarado, Newmark's chief operating officer, in a statement about the new hire. "His arrival reinforces our ability to deliver top-tier talent in key gateways, while continuing to expand our advisory expertise in sectors that remain central to our strategy."
Newmark is expanding its practice as the U.S. life science sector that struggled most of last year showed signs of a recovery toward the end of 2025. "While national fundamentals remain challenged, activity in top markets such as Boston, San Diego and the Bay Area picked up, supported by a rebound in venture funding and the continued expansion of biomanufacturing investment," Newmark said in a report.
In the third quarter of 2025, life science leasing activity and tenant demand across the country increased quarter-over-quarter, according to the report. Moreover, the sector's vacancy rate increased by only 20 basis points to 26.2%, "suggesting conditions are leveling after several quarters of decline."
“In leading markets, life science and innovation hubs have long aligned talent and capital, shaping where cities grow and how real estate strategies evolve,” Newmark CEO Barry Gosin said in the statement.