Boston-based The Davis Cos. (TDC) recently completed the sale of One and Three Burlington Woods to an unnamed core-plus, value-added institutional investment fund.
The sale comes two years after TDC purchased the financially-troubled office properties via foreclosure auction, closing on the properties in June 2010 on behalf of its $230 million Davis Investment Ventures Value Opportunity Fund 1. Under The Davis Companies’ stewardship, the properties underwent a multi-faceted capital improvement campaign that boosted occupancy and paved the way for the sale, according to a statement. The buyer was introduced to the property by Eastdil Secured (ES).
When Davis acquired One and Three Burlington Woods, the properties were 64 percent occupied. TDC restored the buildings to their former class A quality. During their ownership, TDC completed new lease transactions totaling approximately 113,000 square feet. Most recently, TDC executed an 11-year lease with New England Association of Schools and Colleges for the entire first floor at Three Burlington Woods. The two buildings are now 97 percent leased.
"Parting with high-quality real estate is never easy, especially after the heavy lifting has been done," said Jonathan Davis, CEO of The Davis Companies. "I am very proud of our team, though, and applaud their ability to think and act creatively, decisively and with a keen focus on outcomes. The assets are well positioned. We’re confident that the buyer will continue to prosper with them."
