MEDFORD, MA—Boston-based The Davis Companies has acquired the One Cabot Road building here and says it plans a major revitalization of the property.
No financial terms were released on Davis' purchase of the 308,946-square-foot office building located adjacent to the Wellington Circle MBTA station.
“We've seen growing demand from tenants for amenity-rich office solutions that are close to Boston and Cambridge and readily accessible to public transportation. We believe One Cabot has genuine appeal to a wide array of tenants being priced out of Cambridge, the Financial District and the Seaport, as well as from those tenants wanting to move into the city from the suburbs,” said Quentin Reynolds, managing director of Acquisitions for The Davis Companies.
“This submarket has benefitted from tremendous large scale investment in new projects such as Assembly Row, Station Landing and Rivers Edge, making it an engaging, convenient and highly desirable location for people to live, work and play,” Reynolds adds.
Constructed in 1989, One Cabot features a full-service cafeteria, fitness facility, a generous parking ratio, including 170 covered executive spaces inside the building, and abundant power and emergency systems.
As part of this acquisition, The Davis Companies is developing plans to fully upgrade One Cabot's systems and common areas. Davis has hired Margulies Peruzzi Architects to spearhead the transformation. Peter Bekarian and Tyler Spring of JLL will be the leasing brokers for the property.
One Cabot is currently 90% leased. Among those firms on its tenant roster include Agero, Expedient, Partners Healthcare and First Marblehead Corp.
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