The Davis Companies sells 74,554 s/f 24 Farnsworth Street to the Unitarian Universalist Association for $25.5 million

The Davis Companies completed the sale of 24 Farnsworth St., a 74,554 s/f, six-story brick-and-beam office building located in the city's Seaport District. According to public record the property sold for $25.5 million. The building has been acquired pursuant to a previously negotiated lease-to-purchase agreement by the lead tenant, the Unitarian Universalist Association (UUA). The UUA and its predecessor organizations have been headquartered in Boston since 1825. As a result of this transaction the UUA has relocated its headquarters from Beacon Hill to the Seaport District - where UUA can more easily capitalize on its creative spirit and benefit from the energy and excitement of this transforming neighborhood. 24 Farnsworth St.'s open floor plans spur collaboration and allow substantial natural light into the office to create a welcoming environment for employees and visitors. An investment fund managed by The Davis Cos. purchased the mortgage note on 24 Farnsworth in May 2012, when the building was only 14.5% leased. Immediately after acquiring fee interest in the building, The Davis Cos.' signed a lease with Catalina Marketing for 24,562 s/f, bringing the building to nearly 50% occupancy. The Davis Cos. implemented a swift capital improvement plan, exposing the building's original brick and beam structure to reflect the Seaport District's historic identity. Within 10 months following the mortgage note acquisition, The Davis Cos. brought the building to full occupancy when UUA agreed to move from its long-time headquarters buildings in Beacon Hill to 24 Farnsworth. UUA signed a new 10-year "as-is" lease for the remaining three floors in the building with an option to purchase the building from The Davis Cos. in January 2015, which it has just exercised. "This has been a win-win for both UUA and The Davis Companies. The purchase option results in a very attractive return to us, while securing for UUA long-term ownership of 24 Farnsworth Street, a historic gem located in the heart of the burgeoning Seaport District. It is one of very few buildings in the area with its own underground parking garage and upper level exterior roof deck with unencumbered views of the Financial District," said Duncan Gilkey, leasing director for The Davis Cos. "It was a pleasure to work with the UUA to help relocate and expand their headquarters to such a dynamic neighborhood." "We are delighted with our new headquarters which realizes our vision of a spiritual home that is sustainable, accessible, and innovative. It has been a pleasure to work with The Davis Companies through this process," said the Rev. Peter Morales, president of the UUA. 24 Farnsworth offers prime convenience to its tenants. It houses 28 underground parking spaces and four reserved street-parking spaces. It is well-located in the heart of Boston's Seaport District, and offers immediate access to public transportation and I-90 and I-93. About The Davis Companies Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, operating and management firm headquartered in Boston that has invested in nearly $3.0 billion in gross asset value through real estate equity, debt, and fixed-income real estate securities. A unique combination of capital markets and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns and manages a real estate portfolio of 12 million square feet.