Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that The Davis Companies (“TDC”) has sold the Ferncroft Corporate Center at 35 Village Road in Middleton, Massachusetts, to New York-based Sovereign Partners for $24.3 million.
The Ferncroft Corporate Center is an eight story 230,554-square-foot Class A office building and was a former headquarters facility for Verizon. TDC purchased Ferncroft in early 2011 from LNR Partners, a Miami-based special servicer, who had recently acquired the property through foreclosure. After performing significant upgrades to the main lobby, bathrooms, elevator lobbies, elevator cabs and the cafeteria and also adding a 4,000 square foot state-of-the-art conference center and new lockers and showers in the modified fitness room, the Boston-based investor executed over 185,000 square feet of new leases and lease renewals and restructurings. The property now features notable tenants such as 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. I am very proud of our team and applaud their execution on this property,” said Jonathan Davis, CEO of The Davis Companies. “The property is currently well positioned and we’re confident that Sovereign Partners will have similar success with this asset.”
The acquisition represents the first purchase for Sovereign Partners in the greater Boston region. “We are excited about getting a foothold in the Boston market and we plan on expanding our holdings in this part of the country,” said one of the firm’s founding partners, Cyrus Sakhai. “Boston is a strategic market for us.”
Cassidy Turley Executive Managing Director, Principal David Pergola and Managing Director, Brian Doherty represented The Davis Companies in the transaction.
About The Davis Companies
The Davis Companies (www.thedaviscompanies.com), a real estate investment, development and management firm based in Boston, Massachusetts, was founded in 1976. On behalf of their clients, they have invested in approximately 140 properties representing approximately $3.0 billion in gross asset value, and have acquired approximately $550 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 12 million square feet and is an active investor in real estate equity, debt, and fixed-income real estate securities.
About Sovereign Partners
Sovereign Partners is a privately held real estate investment organization that specializes in the acquisition of quality assets throughout the United States. Sovereign’s real estate team draws on a deep knowledge of real estate fundamentals and capital markets to acquire properties throughout the country. With interests in over six million square feet of property, Sovereign Partners has demonstrated its ability to identify and finance promising opportunities. Sovereign’s principals, Darius and Cyrus Sakhai, bring decades of institutional and entrepreneurial commercial real estate experience to the firm. Both are actively involved in every aspect of Sovereign’s activities and share operational responsibility as well as responsibility for setting the firms strategic direction.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Linda M. McDonough