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Quincy-based Jumbo Capital has sold a three-building office park on Newton’s Wells Avenue for $92 million after upgrading the properties and attracting a group of new tenants during a five-year ownership period.

Boston-based Taurus Investment Management acquired the 375,000-square-foot portfolio at 7-57, 75-95 and 199 Wells Ave.

Taurus’ RENU Communities subsidiary will retrofit the buildings with more energy-efficient utilities and building systems. Plans call for replacement of the natural gas heating system with air-source heat pumps and installation of a rooftop solar array and LED lighting, Taurus announced.

“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 CEO Peter Merrigan said in a statement.

The portfolio is currently over 93-percent leased.

Jumbo Capital and New York-based asset manager Angelo Gordon bought the three buildings for $69.3 million in two separate 2016 transactions, citing the property’s increased accessibility following completion of the new Kendrick Street interchange on Route 128. The new owners updated lobbies and added outdoor seating and bocce courts, a new cafe and conference space and electric car charging stations.

Jumbo Capital announced over 60,000 square feet in new leases in 2016 with engineering firm Ansaldo STS, Bridge Energy Group, Burns & McDonnell and Archstone Law Group, and another 59,000 square feet in lease expansions and extensions by Karyopharm Therapeutics, Tucker, Saltzman, Dyer & O’Connell, and K-12 math academy RSM in 2018.

Editor’s note: This report has been updated with a statement by Taurus Investment Holdings.

Jumbo Capital Sells Newton Office Park for $92M

by Steve Adams time to read: 1 min
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