The Davis Companies said on Monday that it has acquired 24 Farnsworth Street in South Boston, a 75,000-square-foot office building located in an area the city is touting as the “Innovation District.”
Simultaneous with the acquisition of the six-story building, Davis executed two new leases, totaling 37,000 square feet, bringing the property to almost 50% leased. The two leases were executed with Barkan Management Company, Inc., a residential real estate management company affiliated with The Barkan Companies, the former owners of the building; and Catalina Marketing, a marketing firm.
Corey A. Griffin, president of The Davis Companies, said in a release that the company intends to bring the building’s interiors back to their historic “brick and beam” exposed structural appearance. The purchase price of the building was not revealed.
Founded in 1976, The Davis Companies has offices in Boston and Norwalk, Connecticut. It has invested in approximately 120 properties representing over $2 billion in gross asset value, and has acquired approximately $450 million of commercial loans and real estate securities. Today, The Davis Companies, together with its affiliates, owns and manages a real estate portfolio of approximately 8 million square feet and is an active investor in real estate equity, debt, and fixed-income real estate securities.