BOSTON, MA – Taurus Investment Holdings, LLC announced the acquisition of 300 Baker Avenue located in Concord, MA. 300 Baker is a Class A, 410,296 square foot, 3 story office building.
Leased to 13 national and international tenants, the property is currently 93.2% occupied by such notable tenants as Emerson Hospital, Welch’s Foods Inc, and Lexia Learning.
“We are pleased to have closed on this transaction during this time of unprecedented challenge, I am proud ofour team for their diligent work in bringing this to the finish line,” said Peter A. Merrigan, CEO of Taurus. “We continue to actively pursue defensible and opportunistic acquisitions like 300 Baker despite the turbulent economic environment.”
Located directly off Route 2, the asset will serve as a flagship project for RENU Communities, a subsidiary of Taurus.
“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.” said Merrigan.
This effort is led by Christopher Gray, PhD, Chief Technology Officer of RENU Communities who adds, “The RENU team will address money-saving and sustainable measures, so we can reduce costs associated with maintenance and operations. The goal of RENU is to transform this project to a carbon-neutral energy efficient office building to greatly reduce carbon emissions in Concord and the State of Massachusetts.”
Newmark Knight Frank brokered the deal and MetLife provided the debt financing on the acquisition.
Bill Garey, Director of Acquisitions at Taurus, said: “Our investment partners, including MetLife, were unwavering in their commitment to the investment despite the volatility in the market. Our collective resolve is a testament to the asset quality and strong credit tenancy in the building.”