0 Two-Year Investment Yields $18.7M Profit in Fort Point

Fort Point office building

Credit: Banker and Tradesman

Assets continue to trade in the Seaport section of Boston red hot office market just over $400 per foot.

According to Banker and Tradesman, “the Davis Cos. has sold its Tower Point office building in Boston’s Fort Point for $62.1 million, reaping an $18.7 million gain after just two years of ownership…The Boston-based developer spent nearly $7 million updating the 155,170-square-foot property at 27 Wormwood St., increasing the occupancy rate from 74 to 95 percent with a group of new tech tenants…Renovations to the 115-year-old structure included a 7,500-square-foot courtyard with oversized chess set outside the main entrance, removal of drop ceilings and creation of an open floor plan for most tenants.”

Additional details are included on B&T.


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