"We think we got a good deal on this building," Peter Merrigan,managing partner at Taurus, told GlobeSt.com. The privateinvestment firm paid $234 per sf. Ten Post Office Square, anotherfinancial district building that recently changed hands, went forjust over $260 per sf.


The deal, which closed last week, had been in negotiations sincelast March because of a condominium structure in the building thathad four different owners. "What is interesting is we were able tosolve structural issues and consolidate ownership," notes Merrigan.Taurus negotiated multiple sale/leaseback agreements with two ofthe owners, one of which – Price Waterhouse Coopers – took 150,000sf for a three-year lease at a set price. "The lease rate is belowmarket value so it is a good opportunity to increase value once thelease expires," says Merrigan.


Taurus owns seven other properties in Boston including 22Batterymarch St, 109 to 115 Broad St, 148 State St. and 184 HighSt. A 25,000 sf building at 87 Summer St is currently underagreement.

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