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Tower Point
27-43 Wormwood St, Boston, MA 02210

Thesis

The Seaport District in Boston has become one of the most dynamic submarkets and increasingly the location of choice for Boston’s innovative companies. In October 2013 TDC acquired a 155,000 square foot, Class B, brick and beam office property in the Seaport District for $244 per square foot. The property is adjacent to Channel Center, a 1.1 million square foot development that includes State Street’s new 521,000 SF operations headquarters.

Execution

Originally constructed in 1877 as a manufacturing building, the property underwent an extensive redevelopment in 1988 and had been further upgraded by the prior owner, who invested over $9.2 million in base building and interior improvements, including lobby and common area renovations, first generation tenant improvements, base building work, roof replacement and the addition of new amenities such as a fitness center with locker rooms and shuttle service for tenants to commute to work via public transportation.

The Davis Companies completed aesthetic and base building upgrades to take further advantage of tenant relocations and the high demand for brick and beam office buildings in the Seaport district.

Asset Class

Office

Fund

Fund II

Year Sold

2015

Location

Boston, MA