Newmark announces the successful completion of the $74.5 million sale of 300 Baker Avenue in Concord, Massachusetts to Taurus Investment Holdings, LLC. Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of Newmark’s Boston Capital Markets group oversaw the transaction of the Class A office building in conjunction with Newmark Executive Managing Directors Torin Taylor and Richard Ruggiero.
In addition, Newmark’s Boston Debt & Structured Finance group represented the buyer in arranging financing for the transaction, handled by Executive Managing Director David Douvadjian, Sr., Senior Managing Director Brian Butler, Managing Director Timothy O’Donnell, Director David Douvadjian, Jr. and Financial Analyst Conor Reenstierna.
“We are pleased to have closed on this transaction during this time of unprecedented challenge, and I am proud of our team for their diligent work in bringing this to the finish line,” stated Peter A. Merrigan, CEO of Taurus Investment Holdings, LLC. “We continue to actively pursue defensible and opportunistic acquisitions like 300 Baker Avenue despite the turbulent economic environment.”
Totaling 410,296 square feet, 300 Baker Avenue is 93.2 percent leased to a 13-tenant roster anchored by the corporate headquarters of Welch’s, a leading grape juice and food product company, and Lexia Learning, a subsidiary of Rosetta Stone, as well as a key satellite facility for Emerson Hospital, which operates its flagship hospital less than 1.5 miles away. The property’s extensive on-site amenity package includes a full-service cafeteria, new Starbucks coffee kiosk, fitness and conference centers and basketball and volleyball courts.
“300 Baker Avenue recently underwent a successful capital improvement program highlighted by upgrades to its headquarters-quality amenities,” said Pullen. “This multi-million-dollar renovation combines with the property’s first-class tenant buildouts to create a truly modern working environment.”
300 Baker Avenue is located immediately off Route 2 (Concord Turnpike), between Interstates 95 (Route 128) and 495 and within walking distance of the West Concord MBTA commuter rail station as well as the many amenities that surround this key transit hub.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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