CAMBRIDGE, MA—Real estate investment and development firm Jamestown has acquired the storied Davenport building here for a reported purchase price of $138 million.
Atlanta-based Jamestown purchased the property from DivcoWest, which purchased the four-story, 220,00-square-foot building in 2012 for $79 million. Jamestown did not divulge the purchase price in its announcement, however, several media outlets cited sources as putting the deal price at $139 million.
The Davenport, build in 1860 and converted into office use in 1987, is Jamestown's second venture in Cambridge. The company purchased 245 First St. in Kendall Square last December. In the region, Jamestown's portfolio also includes the 1.4-million-square-foot mixed-use complex square foot Innovation and Design Building in Boston's Marine Industrial Park.
“Jamestown's commitment to the innovation economy in Boston is further solidified as we acquire the Davenport in Cambridge,” says Michael Phillips, president of Jamestown. “The city has been at the forefront of embracing the new innovation economy and we've been working hard with them to effectively meet the needs of today's evolving workforce.”
Originally constructed ias the Davenport Furniture Factory, the seven adjoining buildings of the Davenport were completely renovated to function as a single and fully integrated building in 1987. More recently, the building underwent a full lobby and common area renovation totaling $18 million in capital improvements.
The sale was brokered by a team of executives at the real estate firm Cushman & Wakefield of Massachusetts, including president Robert Griffin, vice chairman Edward Maher and executive director Matt Pullen.
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