{"id":1004306642,"date":"2019-03-07T05:45:40","date_gmt":"2019-03-07T13:45:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004306642"},"modified":"2019-03-10T23:47:11","modified_gmt":"2019-03-11T07:47:11","slug":"taurus-sells-boston-burbs-office-building-for-51m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/taurus-sells-boston-burbs-office-building-for-51m\/","title":{"rendered":"Taurus Sells Boston Burbs Office Building for $51M"},"content":{"rendered":"
\"One<\/a>

One Newton Place<\/p><\/div>\n

For a price tag of $50.7 million, a joint venture of Saracen Properties, of metro Boston, and New York\u2013based CRE fintech company Cadre has acquired One Newton Place, a four-story, 172,813-square-foot Class A office building in Newton, Mass. The seller was international CRE private equity company Taurus Investment Holdings LLC.<\/p>\n

Taurus had purchased the property, at 275 Washington St., in mid-2013 for $34 million, after which it repositioned the ground-floor retail and office space. That effort included renovations to the entrance, lobby and atrium and conversion of part of a retail space into office space.<\/p>\n

Completed in 1985, the property is currently subject to a $36.5 million loan held by Eastern Bank, according to information provided to Commercial Property Executive<\/em> by Yardi Matrix.<\/p>\n

The building is 93 percent leased, predominantly to Adobe Systems Inc., Clearview Health Partners and financial services firm Sapers & Wallack.<\/p>\n

\u201cThe investment was one that followed our standard business model of adding value into an already good building in a strong and improving location<\/em>,\u201d Taurus CEO & Co-Founder Peter Merrigan said in a prepared statement. \u201cTaurus has had great success in Boston, and throughout the U.S., acquiring and repositioning high-quality assets in desirable urban infill locations<\/em>.\u201d<\/p>\n

Managing Director Chris Phaneuf and Director Ben Sayles of the HFF Boston office marketed the property on behalf of Taurus and procured the buyer. <\/p>\n

\u201cOne Newton Place embodies the type of investment that today\u2019s most active capital sources are pursuing,\u201d<\/em> HFF Senior Director Ben Sayles told Commercial Property Executive<\/em>. \u201cInvestors are seeking urban, in-fill assets with modern tenant fit-outs and best-in-class common spaces. One Newton Place has a permanence to it, in terms of location, asset quality <\/em>and tenant appeal.\u201d<\/em><\/p>\n

Yankee restraint<\/h2>\n

The metro Boston office market is perhaps best characterized as \u201crestrained,\u201d with development remaining moderate and landlords catering to tenants with building upgrades and amenities, according to a fourth-quarter 2018 report from Cushman & Wakefield.<\/p>\n

In the suburbs, the dominant trends are life sciences space and new construction, the former notching up 1 million square feet in new leases for three straight years. And despite the prominence of a few outsized deals, like Amazon\u2019s prelease of an entire 430,000-square-foot building<\/a> in the Boston Seaport development, the tech sector in particular is generating ample demand for mid-sized leases.<\/p>\n

The Route 128 Central submarket has a 15.7 percent availability on an inventory of 39.1 million square feet. Net absorption in 2018 totaled just over 1 million square feet, while 376,000 square feet was underway at year-end. The average asking rent was $34.35 per square foot, also per Cushman & Wakefield.<\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture partnership is the new owner of One Newton Place, a four-story, 172,813-square-foot Class A property in Newton, Mass.<\/p>\n","protected":false},"author":882,"featured_media":1004307311,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21783,21742,10,21747],"tags":[44582,32799,44576,32792,44579,36141],"class_list":["post-1004306642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-investment","category-latest","category-northeast","category-office","tag-ben-sayles","tag-cushman-wakefield","tag-eastern-bank","tag-hff","tag-peter-merrigan","tag-taurus-investment-holdings"],"acf":[],"yoast_head":"\nTaurus Sells Boston Burbs Office Building for $51M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/taurus-sells-boston-burbs-office-building-for-51m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taurus Sells Boston Burbs Office Building for $51M\" \/>\n<meta property=\"og:description\" content=\"A joint venture partnership is the new owner of One Newton Place, a four-story, 172,813-square-foot Class A property in Newton, Mass.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/taurus-sells-boston-burbs-office-building-for-51m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-07T13:45:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T07:47:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/One-Newton-Place-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/taurus-sells-boston-burbs-office-building-for-51m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/taurus-sells-boston-burbs-office-building-for-51m\/\",\"name\":\"Taurus Sells Boston Burbs Office Building for $51M - 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