Tuesday, November 25, 2014, 11:46am
Atlanta-based developer Jamestown added to its portfolio of tech-focused properties in Greater Boston with the acquisition of the Davenport, a 220,000-square-foot office complex at 25 First St. in Cambridge’s Lechmere section.
Terms of the transaction were not immediately available. DivcoWest previously acquired the property in 2012 for $79 million.
Built in 1860 as a furniture factory and converted to office space in 1987, the complex of seven attached buildings recently underwent an $18-million renovation including a new lobby and common areas. The four-story building is 100-percent leased to tech tenants including Hubspot, Sonos, PowerSteering Software, npg, Nimbus, Atlas Venture and Manta. Sonos, a wireless speaker manufacturer, recently leased 170,000 square feet at Lafayette City Center in Boston’s Downtown Crossing in an expansion move.
Jamestown has been acquiring office space in Greater Boston that appeals to tech tenants. In 2013, it acquired the ground lease for the city of Boston’s Bronstein Center and Boston Design Center. The 1.4-million-square-foot complex in South Boston’s Marine Industrial Park is being repositioned to attract start-ups and was renamed the Innovation and Design Building. Last December, Jamestown acquired 245 First St. in Cambridge’s Kendall Square for $192.6 million.
Cushman Wakefield’s Robert Griffin, Edward Maher and Matt Pullen brokered the Davenport transaction.