Written By: Tim Logan
Full Article: https://www.bostonglobe.com/business/2017/03/31/black-falcon-warehouse-next-seaport-industrial-makeover/4DWe8Fl7PQTFLGlBuMK6uO/story.html
Another piece of Boston’s once-scruffy industrial waterfront is about to get spruced up.
The Davis Companies, a development firm, closed on a deal Thursday to take over 88 Black Falcon Ave., a three-story complex of office and industrial space at the easternmost tip of Boston’s booming Seaport District.
Davis took over the site from real estate firm Prologis for $60 million, according to Suffolk County real estate records, and extended a lease on the site with Massport through 2098. It plans to upgrade the 376,000-square-foot building — a mix of office and warehouse space — and bring in a new generation of tenants.
“You’ll see more design and technology firms, I’m sure,” said Jon Davis, CEO of the Davis Companies. “But it’s the industrial space that’s even more exciting. We hope we’ll be able to get companies that are actively involved in making things that really need space out here.”
Massport CEO Tom Glynn said he was glad that Prologis — a national warehouse operator that is selling off its properties in New England — found an experienced local developer with plans to invest.
Located in the Raymond L. Flynn Marine Industrial Park, the building is bound by rules requiring that much of its space be used by either industrial or maritime-related firms. But city officials have signaled they would like to broaden that mix as part of an overall plan to develop the industrial park.
Davis said he expects to see tenants evolve over time, although planned renovations won’t displace existing businesses. Renovations are to be completed by next summer.
Development firm Jamestown redeveloped the giant Bronstein Building next door. That project has attracted a string of big-name tenants, such as software firm Autodesk, Elkus Manfredi Architects, and, soon, the world headquarters of Reebok