Seaport Office Building's Value Doubles in Less Than Four Years

BOSTON—Locally-based Rockpoint Group has sold the Tower Point office complex in the Upper Seaport District here for a reported purchase price of $86.85 million to an institutional separate account managed by Northwood Investors and German investment company Universal-Investment.

The 155,170-square-foot Class A brick and beam office building at 27-43 Woodworm St. was acquired by Rockpoint Group from the Davis Companies in October 2015 for $62.1 million. In August 2013, Davis acquired Tower Point for a reported purchase price of $43.3 million.

NKF Capital Markets reported the sale of Tower Point to the Norwood-Universal Investment managed fund. The firm did not release any financial terms of the transaction. However, several published reports citing public records put the sale price at nearly $87 million. NKF has been retained by the new ownership as the exclusive leasing and management agents for the property.

Thanks to a multi-million dollar capital improvement program undertaken in the last 10 years that involved base building improvements and virtually all-new tenant fit-outs, Tower Point was transformed from a historic manufacturing building into a first-class office asset in the highly sought after Seaport District.

During Davis Co.'s ownership the Boston-based firm demolished the building's low ceiling office spaces to expose the timber and brick construction and substantially increased the natural light in the tenants' spaces. The ownership also introduced modern finishes and functionality in the lobby and common areas and added a new 7,500-square-foot outdoor courtyard and patio. The Davis Cos. increased the building's occupancy from 74.3% at acquisition to 95% at the time of sale less than two years ago. The property is currently 100% leased to a diverse, tenant roster, NKF Capital Markets reports.

NKF's Boston team, led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher, executive managing director Matthew Pullen and director James Tribble, in conjunction with Newmark Knight Frank senior managing director Timothy Bianchi, oversaw the transaction on behalf of Rockpoint Group. NKF's Boston-based debt team oversaw financing for the transaction.

“Tower Point boasts two major benefits—first, it offers rare brick-and-beam space that directly appeals to 'next-generation' technology and creative tenants,” says NKF's Pullen. “Second, it enjoys exceptional adjacency to an unmatched concentration of human capital, ideally located between GE's new global headquarters overlooking Fort Point Channel and State Street's recently-completed build-to-suit complex at Channel Center.”

BOSTON—Locally-based Rockpoint Group has sold the Tower Point office complex in the Upper Seaport District here for a reported purchase price of $86.85 million to an institutional separate account managed by Northwood Investors and German investment company Universal-Investment.

The 155,170-square-foot Class A brick and beam office building at 27-43 Woodworm St. was acquired by Rockpoint Group from the Davis Companies in October 2015 for $62.1 million. In August 2013, Davis acquired Tower Point for a reported purchase price of $43.3 million.

NKF Capital Markets reported the sale of Tower Point to the Norwood-Universal Investment managed fund. The firm did not release any financial terms of the transaction. However, several published reports citing public records put the sale price at nearly $87 million. NKF has been retained by the new ownership as the exclusive leasing and management agents for the property.

Thanks to a multi-million dollar capital improvement program undertaken in the last 10 years that involved base building improvements and virtually all-new tenant fit-outs, Tower Point was transformed from a historic manufacturing building into a first-class office asset in the highly sought after Seaport District.

During Davis Co.'s ownership the Boston-based firm demolished the building's low ceiling office spaces to expose the timber and brick construction and substantially increased the natural light in the tenants' spaces. The ownership also introduced modern finishes and functionality in the lobby and common areas and added a new 7,500-square-foot outdoor courtyard and patio. The Davis Cos. increased the building's occupancy from 74.3% at acquisition to 95% at the time of sale less than two years ago. The property is currently 100% leased to a diverse, tenant roster, NKF Capital Markets reports.

NKF's Boston team, led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher, executive managing director Matthew Pullen and director James Tribble, in conjunction with Newmark Knight Frank senior managing director Timothy Bianchi, oversaw the transaction on behalf of Rockpoint Group. NKF's Boston-based debt team oversaw financing for the transaction.

“Tower Point boasts two major benefits—first, it offers rare brick-and-beam space that directly appeals to 'next-generation' technology and creative tenants,” says NKF's Pullen. “Second, it enjoys exceptional adjacency to an unmatched concentration of human capital, ideally located between GE's new global headquarters overlooking Fort Point Channel and State Street's recently-completed build-to-suit complex at Channel Center.”