been purchased for $43 Million
More successful transactions are piping in and making
headlines yet again in Greater Boston. The latest regards The David
Cos. who have paid a whopping $43.3 Million for the Tower Point
office building, formerly owned by Meritage Properties, which is
located in Bostons developing Seaport District.
This area of the city is widely known as the next
frontier for Boston, with literally dozens of plans either already
under construction or are soon to be. The proposals are endless,
and the scale and quality of them are truly spectacular. Within the
next short amount of years, what we see in this area of the
Boston Waterfront
will be completely transformed, headed by sprawling residential
buildings, towering office facilities, hotels, top restaurants and
more.
With this latest breakthrough, this property at 27-43
Wormwood Street, which was built back in 1900, has upwards of
154,891 square feet and currently rents for roughly $26/square
foot. At six-storys, the founder of Davis Cos., Jonathan Davis,
insists that over $2.5 Million will be re-invested into the
property. From a new roof deck, to improvements to the HVAC
systems, new bathrooms and brand new elevators, the Tower Point
office building is in good hands and will be better than ever in
the not too distant future.
This now marks the second property that The Davis Cos. has
purchased over the past two years. Just last year, they paid an
additional $14 Million for a 75,000 square foot office tower rising
six-storys at 24 Farnsworth Street. Evidently, they see this area
as a sound investment, a place where Boston will thrive as time
goes on. In fact, prices are already greatly on the rise. In 2008
around the time of the real estate boom, Meritage Properties paid
$32 Million for the property. Now, even with a lack of upkeep over
the past five years the property has soared in value by over 35%.
Rents in the Seaport District are
now achieving a range of $23-$55/square foot with these numbers
only expected to rise henceforth as the popularity, rarity, and
allure of living and working in the Seaport grows.
More Information: Boston Business
Journal