Novaya Snaps Up Concord Office Property For $63M
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Novaya Real Estate Ventures acquired the 413k SF 300 Baker Ave in Concord for $63.5M from Normandy Real Estate Partners. One factor in the deal was the property's walkability, said NGKF Capital Markets executive managing director Matthew Pullen. "300 Baker Ave’s walkability to the MBTA commuter rail provides an exceptional competitive advantage for a suburban asset.”
In addition to the train, 300 Baker Avenue is within walking distance of West Concord’s retail establishments. Pullen represented the seller with US head of capital markets Robert Griffin, vice chairman Edward Maher and associate director Samantha Hallowell.
The building is the corporate HQ for Avention, Lexia Learning Systems and Welch Foods, as well as an administrative, back office and outpatient center for Emerson Hospital. A Residence Inn by Marriott opened adjacent to the property in October 2016.
The property has recently undergone various renovations, including lobby, common area, amenity and building system upgrades. The buyer retained NGKF to be the leasing agent for the property, with executive managing director Torin Taylor leading this effort.