Repositioning Transforms Neglected Office Park into Medical Office Center right off I-95 on the Saugatuck River in Westport, Connecticut
Connecticut – October 7, 2015 – The Davis Companies (TDC) announced today that it has completed the substantial renovation of an underutilized office park located at 321-329 Riverside Avenue in Westport, Connecticut to create Westport Center for Health, a 38,000- square-foot, Class A medical office center. Westport Center for Health is now officially open
as TDC has executed leases with Village Pediatrics and Women’s Health Connecticut to provide care in a convenient location. The Center is located directly off I-95 and is less than one mile from the Westport Train Station and the town center. It offers prime views of the Saugatuck River with impressive branding opportunities and generous parking for tenants and visitors.
Westport Center for Health now represents the largest assemblage of medical space in Westport, Conn., and is well-designed to become a highly convenient “one stop shop” location for patients seeking care in the area.
David Allen, a Vice President of Asset Management for The Davis Companies said, “We recognized an opportunity to create a high-quality medical office campus that is unlike any other in Fairfield County. This property now fills a need for premier medical office space. We look forward to welcoming additional healthcare providers to this Class A campus.”
To create Westport Center for Health, TDC successfully reimagined four neglected office buildings at 321-329 Riverside Avenue. The firm invested significant capital to reposition the buildings, which were well-suited for medical office space, with flexible spaces for large or small practices, in a tremendous location in the heart of Westport.
TDC purchased the buildings’ loan before lifting them out of foreclosure in November 2012. TDC then implemented a comprehensive capital improvement plan, providing an unmatched parking ratio of 6 per 1,000 including 77 garage spaces, improved landscaping, roof repairs, signage program, exterior siding repairs and painting, as well as a completely renovated lobby.
“We are loving our new location at Westport Center for Health on Riverside Avenue. It is conveniently located less than half a mile from both Saugatuck and King’s Highway Elementary schools as well as just minutes from I-95. I’m thrilled to report that our new location and offices have been universally well received by our patients. There could be worse things than getting a shot while looking over the Saugatuck River!” said Dr. Nikki Gorman of Village Pediatrics.
Maryam Hedayatzadeh, MD, of Women’s Healthcare of New England, has expressed her contentment with the new space stating, “the proximity to the Saugatuck River projects a natural, warm and compassionate setting for women, and we are quite happy to be neighbors with a quality practice like Village Pediatrics.”
TDC has tapped Sean McDonnell, Lori Baker and Eva Kornreich of Avison Young to lease the health center’s remaining space.
TDC is well-known for its successful repositioning and renovation projects throughout the Northeast. TDC is responsible for repositioning Charles River Plaza, which sits immediately adjacent to one of the nation’s top hospitals – Massachusetts General Hospital – into the mixed-use center it is today. Currently, TDC is reimagining Pittsburgh’s landmark Union Trust Building into a lively office building with retail, restaurant and public meeting space. The company recently completed substantial upgrades to The Center at Corporate Drive in Burlington, Massachusetts and The Xchange in Bedford, Massachusetts, transforming two outdated office parks into modern office campuses which bring the live/work/play dynamic to the suburbs.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested nearly $3.8 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
Contact: Lauren Michaels