February 21, 2011
By Joe Clements

QUINCY, MA —Completing a $14.0 million transaction, the Massachusetts Registry of Motor Vehicles headquarters building here has traded to a Newton REIT targeting assets leased to state and federal agencies. Seller Taurus Investments had owned 25 Newport Ave. since paying $12.1 million in Nov. 2001, subsequently luring the RMV from a pricey home at Boston’s Copley Place to the four-story, 92,500-sf property in North Quincy. The 10-year pact runs to 2016.

Calls to Taurus and brokers at Cushman & Wakefield who marketed 25 Newport Ave. were not returned by press deadline. Efforts were also unsuccessful to contact the buyer, Government Properties Income Trust (GOV). Launched two years ago this month, GOV is managed by Adam D. Portnoy and Barry M. Portnoy. The REIT now owns more than 50 buildings across 24 states and the District of Columbia, investments encompassing more than 6.5 million sf.

Once part of the Blue Cross/Blue Shield back office enclave in North Quincy, 25 Newport Ave. is today primarily filled by the RMV, which occupies in excess of 83,000 sf. As a net-leased opportunity, the remaining term is not especially lengthy, but one observer says the North Quincy submarket has attributes favoring entities similar to the RMV, including competitive rents, access to public transportation, and proximity to downtown Boston. “It’s a proven location,” says the veteran professional who is familiar with North Quincy. Multiple suitors were said to be in the hunt for 25 Newport Ave.

After BCBS relocated from North Quincy to a new suburban campus several years ago, affected landlords have worked to restock the vacant product, with a major coup occurring last year when 100 Hancock St. owner Griffith Properties convinced a state agency to take 115,000 sf in the 10-story, 205,000-sf building that had previously been leased to BCBS.

The transfer by Taurus completes a 10-year hold on 25 Newport Ave. by the company best known locally for its concentration of assets in the Back Bay and Newbury Street. Taurus, whose CRE reach spans the globe, most recently acquired 313 Washington St. in Newton, an 82,000-sf retail/office building. That $11.1 million deal was initially detailed by The Real Reporter on Dec. 17th ]2010.

The C&W Middle Markets team handled 25 Newport Ave.’s sale on behalf of Taurus and also procured the buyer. Documents obtained indicate the assignment was overseen by Capital Markets Group chief Robert E. Griffin Jr. along with Brian Doherty, Christopher Griffin and David J. Pergola.

Regionally, GOV already owns Boston’s 251 Causeway St., as well as 75 Pleasant St. in Malden and One Montvale Ave. in Stoneham. The REIT is planning a conference call for Thursday, Feb. 24th, at 10 a.m. featuring President and COO David Blackman and CFO Mark Kleifges after releasing fourth quarter results prior to the NYSE opening that morning.