The Davis Companies (TDC), the Boston-based real estate investment, development and management firm, announced this week that it had sold Tower Point in South Boston's Seaport District to the Rockpoint Group for $62.1 million. TDC originally acquired the property in 2013 for $43.3 million, retaining Cushman & Wakefield as the leasing agent. Prior to that, Meritage Properties, a New York-based owner and operator of office properties, bought the six-story property in 2008 for $32 million. Newmark Grubb Knight Frank represented TDC in the transaction; terms of the deal were not disclosed.
The 155,170-square-foot, Class A, brick-and-beam office building at 27–43 Wormwood St. in South Boston's Seaport District, which was built back in 1900, is recognized by its iconic smokestack. TDC invested significant capital in the property, upgrading the building with modern finishes and adding an outdoor courtyard, bringing the occupancy from 74.3% in 2013 to 95% at the time of sale. Current tenants include Rethink Robotics, Healthways, NPR, Zerto and Owner IQ.
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