By Boston Real Estate Times – September 27, 2018
FAIRFIELD, NJ- The Davis Companies, a Boston-based real estate investment, development and management company, and joint venture partner, Rubicon Companies, announced the sale of a fully leased, boutique office building in Fairfield, NJ to Alexander Property Group.
The four-story, 48,000-square-foot office building is located at 700 Route East, adjacent to 204-guest-room Fairfield Crowne Plaza hotel, which is also owned by Rubicon and The Davis Companies.
Davis and Rubicon had acquired the office building as part of a larger acquisition primarily focused on a plan to renovate and rebrand the neighboring Fairfield Crowne Plaza hotel.
“After successfully selling the boutique office building, we have plans to renovate the hotel, including all guest rooms and public spaces.” said David Allen, Vice President of Asset Management at The Davis Companies. “The Fairfield NJ market has been steadily growing in the hospitality and commercial markets and due to the great location and amenities, the leasing for the building was very strong.” Rubicon principal Marc Gordon stated, “We saw a spectacular renovation opportunity at the hotel to improve the overall guest experience and attract local social functions and meetings. Renovations of all 204 guest rooms as well as the public spaces have already begun with expected completion at the end of 2018.”
Davis and Rubicon recently completed a $16 million renovation of a 344 room Hilton Hotel in Woburn, Massachusetts, and Davis has also renovated numerous multifamily and commercial office buildings in its 42-year history. Recent projects include the renovation of 256 apartment units in the Beacon Hill, Back Bay and Fenway neighborhoods of Boston, Massachusetts, and the $100 million transformation of Pittsburgh’s landmark Union Trust Building, a 500,000-SF architectural icon commissioned in 1915 by Henry Clay Frick, into a Class-A, LEED Silver certified mixed-use retail and office building.