Image courtesy of JLL

After a nearly 10-year hiatus, The Davis Companies is adding to its office portfolio in the city of Boston.

The Boston-based developer demonstrated its confidence in Boston’s Seaport District market with the acquisition of three buildings totaling 151,714 square feet in the Fort Point neighborhood for $56 million, or $369 per square foot.

The portfolio includes 34-38 and 44 Farnsworth St. and 332 Congress St. and is 94 percent leased.

The 15 tenants have a combined weighted averaged lease term of 4.25 years, according to a CBRE listing.

The properties are part of a larger Fort Point portfolio acquired by Nuveen in 2016 for $224 million, or $552 per square foot, which also included 33-41 Farnsworth St., 263 Summer St. and 374 Congress St.

The brick-and-beam office market in Fort Point has declined in recent years amid the citywide uptick in office vacancies, and tenants’ “flight to quality” in newer highly-amenitized buildings.

The Davis Companies pivoted away from the office sector in 2021, selling over $2 billion in properties, sparing it the brunt of the sector’s post-pandemic struggles.

Now, the market shift is offering an opportunity for developers to acquire properties at steep discounts to the previous decade’s values.

 “Fort Point is one of Boston’s most dynamic mixed-use neighborhoods. We are excited to have the opportunity to return at this moment of historic asset valuation resetting, to further strengthen an already well performing portfolio and to add to the outstanding offerings in the area,” President Stephen Davis said in a statement.

CBRE represented the seller, Nuveen.

The larger Seaport District office market had a vacancy rate of 17.3 percent at the end of 2025, with asking rents of $69.26 per square foot, according to a CBRE research report.

Davis Companies’ history of ownership in Fort Point includes two buildings at 24 Farnsworth St. and and 27 Wormwood St., which it sold in 2015. The company also owns the 88 Black Falcon complex in the Raymond L. Flynn Marine Park through a ground lease with Massport.