X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.