Cushman & Wakefield announced today that TA Associates Realty has sold One Newton Place to Taurus Investment Holdings for $34 million. One Newton Place is a four-story, Class A, 172,705 square foot office and retail building with a connected parking structure located in Newton, Massachusetts. Cushman & Wakefield’s Capital Markets team of Robert E. Griffin, Jr., Edward C. Maher Jr. and Matthew E. Pullen exclusively represented the buyer and seller.
“After successfully maintaining and leasing up One Newton Place, it was a great time for TA Associates Realty to sell this exceptional asset. Newton is a thriving market and this sale was mutually beneficial for all parties involved,” stated Jim Raisides of TA Associates Realty.
“One Newton Place provides Taurus Investment Holdings with another attractive, well-performing asset in the Newton Corner market. Combined with our on-going ownership of 313 Washington Street next door, we plan to build off TA Associates’ leasing success, continue to improve these assets and attract quality companies to this highly desirable location”, said Peter Merrigan, Taurus’s Chief Executive Officer.
One Newton Place is situated alongside the Massachusetts Turnpike (U.S. Interstate 90) in the heart of Newton Corner – 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. The asset is presently 94.5% leased to tenants including Neolane, Recombinant by Deloitte, SHIFT Communications 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 component of the building at street level.
“One Newton Place represents an elite suburban address in the top tier of its competitive market set. This was a great opportunity for Taurus to purchase an asset with strong tenancy in a thriving and established area,” stated Robert Griffin, Cushman & Wakefield.
As tenant demand continues to gravitate towards “live-work-play” communities, Newton’s outstanding amenity base and cache among tenants as well as direct access to public transportation, makes the location highly desirable. The Newton market posted a 2012 year-end absorption of 176,835 square feet, higher than the overall absorption of the entire Route 128 West submarket. Further, the city was ranked by Money magazine as the fourth best small city to live in America in 2012.