Taurus Investment Acquires Concord Office Complex for $74.5M
The three-building complex is currently 93.2% occupied by such tenants as Emerson Hospital, Welch’s Foods and Lexia Learning.
CONCORD, MA—Locally-based Taurus Investment Holdings, LLC has added a more than 400,000-square-foot office complex here to its portfolio in a deal valued at $74.5 million.
Taurus Investment has acquired 300 Baker Ave., a three-building 410,296-square-foot complex multi-tenanted office complex here. The property, leased to 13 national and international tenants, is currently 93.2% occupied by such 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 of our team for their diligent work in bringing this to the finish line,” states 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 property will serve as a flagship project for RENU Communities, a subsidiary of Taurus.
Merrigan adds that 300 Baker will be retrofitted through service and energy solutions provided by RENU to maximize efficiencies.
Christopher Gray, PhD, chief technology officer of RENU Communities, says, “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.
In March, Taurus Investment Holdings made news when it acquired the Chicago Infill Industrial Portfolio comprised of 28 assets totaling more than 1.9 million square feet of space across 11 of the 19 Chicago submarkets for $153.5 million.