Sovereign Partners of New York has acquired Ferncroft Corporate Center in Middleton for $24.3 million from The Davis Cos. of Boston.

The eight-story, 230,554-square-foot office building at 35 Village Road was a former regional headquarters for Verizon. The Davis Cos. purchased the property in April 2011 from Miami-based LNR Partners for $15.3 million.

The Davis Cos. renovated common areas including the lobby, fitness room, elevator lobbies and cafeteria and added a 4,000-square-foot conference center. Since 2011, tenants have signed more than 185,000 square feet of new leases, renewals and lease restructurings. Tenants include SAS Institute, Morgan Stanley and Appleseeds.

"We acquired Ferncroft Corporate Center during a period of economic uncertainty and we invested considerable resources to undertake capital improvements and compete for tenants. This combination allowed us to create meaningful value," said Jonathan Davis, CEO of The Davis Companies, in a statement.

Cassidy Turley Executive Managing Director, Principal David Pergola and Managing Director Brian Doherty represented The Davis Companies in the transaction.

The acquisition is the first for Sovereign Partners in Greater Boston, but Founding Partner Cyrus Sakhai said it’s unlikely to be the last.

"We are excited about getting a foothold in the Boston market and we plan on expanding our holdings in this part of the country," Sakhai said in a statement.  "Boston is a strategic market for us." 

Sovereign is a privately-held real estate investment corporation that has interests in over six million square feet of property in the U.S.