Taurus New England Investments Increases its Presence in the Hub

BOSTON-As yet another indication of Boston’s booming office market, Taurus New England Investments Corp. bought 160 Federal St. for $81 million. The 345,000 sf building is in the city’s financial district.

“We think we got a good deal on this building,” Peter Merrigan, managing partner at Taurus, told GlobeSt.com. The private investment firm paid $234 per sf. Ten Post Office Square, another financial district building that recently changed hands, went for just over $260 per sf.

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

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