The Davis Cos. is the new owner of Tower Point @ A Street, and CEO Jonathan Davis has a long list of reasons why the Fort Point office complex in the Seaport District is a great buy at $43.4 million.
The six-story, brick-and-beam 154,143-square-foot office property at 27-43 Wormwood St. is "in the most dynamic redevelopment area in the city," according to Davis.
"When you walk to the Seaport District, the change is palpable," he said. "The property was a little bit on the fringe, historically ... but the development that's going on … is clearly moving in our direction."
Formerly owned by Scarsdale, N.Y.-based Meritage Properties, which purchased it for $32 million in 2008, Tower Point is 77 percent leased in a market that's 90 percent leased, according to Davis.
"So there's an opportunity for some value-add there," he said. "With additional investment and improvement, we should be able to improve the performance of the property."
The Davis Cos. owns and manages a real estate portfolio totaling about 10 million square feet. Its Tower Point purchase was made under the $414 million Davis Investment Ventures Fund II, a second real estate investment fund that it finished raising in November.
Tower Point is the third Seaport District property bought by the Boston company. It first acquired the Boston Design Center for $36 million in 1998 and sold it for $96 million in 2006. Last year, it purchased the 75,000-square-foot building at 24 Farnsworth St. for about $14 million. The Unitarian Universalist Association next year will move its headquarters there from Beacon Hill.
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