Newton’s Wells Park Office Complex Sells For $92M

NEWTON, MA — The Newton office complex known as Wells Park, located on Wells Avenue, has a new owner and is going green.

Taurus Investment Holdings acquired the three-building portfolio from Angelo, Gordon & Co. and Jumbo Capital Management for $92 million earlier this month.

The company announced that it plans to transition Wells Park to a low-carbon, energy efficient office park by replacing the existing natural gas heating with highly efficient air-source heat pumps, installing roof-top and carport solar panels and LED lighting retrofits, and energy management system upgrades.

“Wells Park is a strategic investment for our renewable business,” said Peter A. Merrigan, CEO of Taurus Investment Holdings, in a statement. "The pandemic has acted as an accelerant to several pre-existing trends that will greatly impact future real estate demand such as a renewed focus on air quality and climate change, which is why we continue to invest and focus on using innovative energy efficient technologies to decarbonize commercial buildings.”

“Taurus has been investing in the Boston office market for more than 25 years, and we maintain strong confidence in its resiliency and future growth potential,” he continued.

Consisting of 377,696 rentable square feet of multi-tenant office space, Wells Park is includes a four-story office building measuring 90,526 sq. ft.m a three-story office building measuring 244,437 sq. ft., and a two-story office building measuring 42,733 sq. ft.

The complex is currently over 93 percent leased to notable tenants including Sally Mae Corporation, Newton-Wellesley Hospital, Karyopharm Therapeutics, Ascensus, and Adviser Investments.