Club Deal 164 – Acquired in December 2010 (initially as Club Deal 143), 313 Washington Street is an 81,603 square foot four-story Class B office and retail building in the Newton Corner submarket of Newton, Massachusetts, an excellent location only seven miles from downtown Boston. Upon acquiring the asset Taurus implemented a capital improvements program aimed at upgrading the building’s façade, garage, and interior common areas. As a result of these upgrades, Taurus has been successful in maintaining occupancy at or above 90% while at the same time increasing the in-place rental rates.
One Newton Place is a four-story, Class A, 172,705 square foot office and retail building with a connected parking structure located immediately adjacent to 313 Washington Street. Both buildings are situated alongside and directly accessible to the Massachusetts Turnpike (U.S. Interstate 90) in the heart of Newton Corner and the epicenter of Newton’s office market. This trophy-quality office property is counted among suburban Boston’s most recognizable landmark buildings featuring world-class architecture. This asset has also been leased at or near 90% with a roster of tenants that include Adobe, Recombinant by Deloitte, National Public Relations | SHIFT Communications, Clearview Healthcare Partners and Odysseys Unlimited. Purchased at a significant discount to replacement cost, One Newton Place presents a significant value-add opportunity to reposition the retail and office components of the building.
With Taurus’ strategic acquisition of One Newton Place in June of 2013, Taurus was able to increase its holdings within the supply constrained Newton Corner submarket and combine the two assets to form the Newton Corner Portfolio. With more than 250,000 square feet of office and retail space now under management within the submarket, Taurus is well positioned to continue pushing occupancy and rental rates on both assets.