Novaya Sells Concord Office Building For $75M

April 21, 2020 News

Taurus Investment Holdings paid $74.5M for a 410K SF office building in Concord.

Boston-based Taurus bought the property at 300 Baker Ave. from Novaya Real Estate Ventures. The property is 92.3% occupied by 13 tenants, including Emerson Hospital, Welch’s Foods Inc. and Lexia Learning. Novaya bought the building from Normandy Real Estate Partners in 2017 for $63.5M.

“We are pleased to have closed on this transaction during this time of unprecedented challenge. I am proud of our team for their diligent work in bringing this to the finish line,” Taurus CEO Peter A. Merrigan said in a statement. “We continue to actively pursue defensible and opportunistic acquisitions like 300 Baker despite the turbulent economic environment.”

Taurus announced the three-story building off Route 2 will be the flagship property of RENU Communities, a Taurus subsidiary Merrigan said is tasked with making the building into a carbon-neutral, energy-efficient property.

“300 Baker was acquired with the objective of retrofitting the property through service and energy solutions provided by RENU to maximize efficiencies in alignment with the emerging industry of environmentally conscious real estate,” Merrigan said. 

Newmark Knight Frank brokered the deal, while MetLife provided debt financing for the acquisition.

Novaya has been an active seller in Massachusetts, disposing at the end of March of a fully leased 89K SF office and flex space building in Lowell it acquired in 2012. Novaya has also been on the buying side recently, snapping up a nearly 300K SF lab and research and development facility in Westford in February for $31.5M.

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