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BOSTON-Vornado Realty Trust has finalized its $96-million acquisition of the Boston Design Center. The sale gives the company its first local acquisition and its largest holding in New England.

Vornado, which inked the deal with locally based Davis Cos., did not release details of the transaction and officials from both firms did not return calls from GlobeSt.com seeking comment. The 552,500-sf building, located in Boston’s Seaport District, will be managed by Vornado’s Merchandise Mart division which currently manages more than 15 similar properties throughout the East Coast. Vornado currently holds about 14.2 million sf of retail space and 8.6 million sf of showroom and office space in its portfolio.

According to a statement released by the buyer, the New Jersey-based REIT paid $24 million in cash for the property and assumed an existing $72-million mortgage. Located at 1 Design Center Place along South Boston’s waterfront, the center features 78 home and office furnishing showrooms. The building also contains 150,000 sf of office space with tenants that include F. Schumacher & Co., the Furniture Guild and Paris Ceramics.

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