10-14-2013 01:39 PM

Davis Cos. pays $43M for Tower Point in Boston’s Seaport District


The Davis Cos. bought 27-43 Wormwood St. in Boston’s Seaport District from Meritage Properties for $43.3 million.




The Davis Cos. has paid $43.3 million to acquire the Tower Point office building in Boston’s Seaport District from Meritage Properties.
Built in 1900, the brick and beam office property at 27-43 Wormwood St. has a 26 percent vacancy rate, according to the Davis Cos. The 154,891-square-foot building was marketed by Jones Lang LaSalle (NYSE: JLL), which said rents in the building average $26 per square foot.
Meritage Properties, a New York-based owner and operator of office properties, bought the six-story property in 2008 for $32 million.
Jonathan Davis, the Davis Cos.’ founder, said he plans to renovate the building, but did not have details on the extent or costs of the potential improvements.
This is the second Seaport property Davis has purchased. In 2012, Davis paid $14 million for 24 Farnsworth St., a six-story office building featuring 75,000 square feet of office space.
A third quarter report by Cassidy Turley found that the office availability rate, which includes vacancies and pending vacancies, in Seaport is 20.5 percent with rents ranging from $23 to $55 per square foot.



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