{"id":1004420125,"date":"2020-04-17T04:38:08","date_gmt":"2020-04-17T12:38:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004420125"},"modified":"2020-04-17T04:38:08","modified_gmt":"2020-04-17T12:38:08","slug":"taurus-pays-75m-for-boston-area-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/taurus-pays-75m-for-boston-area-office-asset\/","title":{"rendered":"Taurus Pays $75M for Boston-Area Office Asset"},"content":{"rendered":"<div id=\"attachment_1004420128\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004420128\" data-attachment-id=\"1004420128\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/taurus-pays-75m-for-boston-area-office-asset\/300-baker-avenue-image-courtesy-of-taurus-investment-holdings\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/300-Baker-Avenue.-Image-courtesy-of-Taurus-Investment-Holdings.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"300 Baker Avenue. Image courtesy of Taurus Investment Holdings\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/300-Baker-Avenue.-Image-courtesy-of-Taurus-Investment-Holdings.jpg?w=800\" class=\"wp-image-1004420128 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/300-Baker-Avenue.-Image-courtesy-of-Taurus-Investment-Holdings.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/300-Baker-Avenue.-Image-courtesy-of-Taurus-Investment-Holdings.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/300-Baker-Avenue.-Image-courtesy-of-Taurus-Investment-Holdings.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/300-Baker-Avenue.-Image-courtesy-of-Taurus-Investment-Holdings.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004420128\" class=\"wp-caption-text\">300 Baker Avenue.<em> Image courtesy of Taurus Investment Holdings<\/em><\/p><\/div>\n<p>Taurus Investment Holdings LLC has enhanced its portfolio with the acquisition of 300 Baker Ave., a 410,300-square-foot office property in Concord, Mass. The global real estate private equity firm purchased the Boston-area asset from Novaya Real Estate Ventures in a $74.5 million transaction.<\/p>\n<p>Sited on an approximately 75-acre site, 300 Baker is a three-story building that first opened its doors in the 1950s as home to electronics manufacturer GenRad. The property last changed hands in December 2016 when Novaya acquired the asset for $63.5 million. Today, the three-story building is 93.2 percent leased to 13 tenants, including Emerson Hospital and Welch&#8217;s, which signed on for 85,000 square feet to house its headquarters in 2012.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/qa-whos-lending-and-who-isnt\/\">Who\u2019s Lending and Who Isn\u2019t?<\/a><\/p>\n<hr>\n<p>Taurus relied on Newmark Knight Frank to orchestrate the 300 Baker transaction and secured $56.3 million in debt financing through MetLife Real Estate Lending.<\/p>\n<h2><strong>Greening of a Building<\/strong><\/h2>\n<div id=\"attachment_1004420131\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004420131\" data-attachment-id=\"1004420131\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/taurus-pays-75m-for-boston-area-office-asset\/peter-merrigan-image-courtesy-of-taurus-investment-holdings\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Peter-Merrigan.-Image-courtesy-of-Taurus-Investment-Holdings.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Peter Merrigan. Image courtesy of Taurus Investment Holdings\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Peter-Merrigan.-Image-courtesy-of-Taurus-Investment-Holdings.jpg?w=800\" class=\"wp-image-1004420131 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Peter-Merrigan.-Image-courtesy-of-Taurus-Investment-Holdings.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Peter-Merrigan.-Image-courtesy-of-Taurus-Investment-Holdings.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Peter-Merrigan.-Image-courtesy-of-Taurus-Investment-Holdings.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/Peter-Merrigan.-Image-courtesy-of-Taurus-Investment-Holdings.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004420131\" class=\"wp-caption-text\">Peter Merrigan. <em>Image courtesy of Taurus Investment Holdings<\/em><\/p><\/div>\n<p>Taurus selected 300 Baker to serve as the flagship project for its subsidiary, RENU Communities, which develops and implements <a href=\"https:\/\/www.commercialsearch.com\/news\/global-carbon-dioxide-emissions-rate-stabilizes\/\">carbon-neutral energy ecosystems<\/a> for office and multifamily properties. <em>&#8220;The 300 Baker project combines the right mix of energy upgrade opportunity, ownership support, renewable energy potential, and regulatory environment to support the RENU Communities approach,&#8221;<\/em> Peter Merrigan, CEO of Taurus Investment Holdings, told <em>Commercial Property Executive<\/em>.<\/p>\n<p>RENU has not completed the final design for the renovation just yet. However, the group plans to address existing energy inefficiencies, modernize the HVAC system and potentially install on-site solar and a geogrid installation. RENU plans to invest more than $10 million in the property&#8217;s transformation.<\/p>\n<p>Taurus anticipates a warm reception from the office-using community upon completion of the upgrades at 300 Baker. &#8220;<em>We believe ESG\u2014environmental, social, and governance\u2014factors is already becoming a standard decision factor in the selection of office space for businesses,&#8221;<\/em> Christopher Gray, chief technology officer at RENU Communities, told <em>CPE<\/em>. <em>&#8220;We expect that demands for clean air and energy will continue to increase in the workplace along with reducing occupancy cost via energy efficiency to the greatest extent possible.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The building will undergo a green renovation courtesy of RENU Communities, a subsidiary of the new owner. <\/p>\n","protected":false},"author":969,"featured_media":1004420128,"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":[35530,42485,39362,49207,36141],"class_list":["post-1004420125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-investment","category-latest","category-northeast","category-office","tag-metlife-real-estate","tag-nkf","tag-novaya-real-estate-ventures","tag-renu-communities","tag-taurus-investment-holdings"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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