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WALTHAM, MA-A venture between marcus Partners and the Davis Companies–Davis Marcus–is teaming with Prudential Real Estate to complete a $30.9 million refi of 117 West St. The 138,000-square-foot building is part of the Reservoir Woods East office campus and sits adjacent to a developable land parcel measuring 500,000 square feet, which is included as part of the refi. The lender was Capital One.

The property at “117 West St. is a high quality asset, fully occupied by a great tenant,” says Paul R. Marcus, CEO of Marcus Partners, in a release. “Though a challenge, we were able to demolish the older portions of the building, build the National Grid building, and transition Verizon into its new location with no interruption to their day-to-day business. We were also successful in the rezoning process which gives us the ability to construct up to 500,000 additional square feet with a hotel component in the future.”

The building is 100% leased by Verizon, which maintains its FiOS testing design and engineering functions here. The office campus ranges over 54-acres and was purchased by Davis Marcus in a sale-leaseback at the end of 2006.

The building at 117 West was originally 350,000 square feet, but was partially demolished in order to clear space for a new 312,000-square-foot 40 Sylvan Rd. designed specifically for National Grid, which insisted on LEED Gold certification for the project. Other tenants for the park include Perkin Elmer, Battery Ventures and Fresenius Medical Care. The entire campus is 93% leased.

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