The Davis Cos. JV sells Boston campus for $330m
A venture, which included affiliates of Marcus Partners and The Davis Cos., has sold Reservoir Woods East in the Greater Boston area for $330 million.
The Boston Capital Markets Group of Newmark Knight Frank, represented the seller, and procured the buyer, which was not disclosed.
Reservoir Woods East comprises two components — 40 Sylvan Road and 50–60 Sylvan Road. 40 Sylvan Road is a three-story, 312,845-square-foot office building that features a long-term lease to National Grid as its United States headquarters. 50–60 Sylvan Road is a two-building, 202,428-square-foot former laboratory complex that features a short-term lease to a subsidiary of Verizon Laboratories and offers 440,000 rentable square feet of additional as-of-right development potential.
“Reservoir Woods East offers an attractive combination of near-term cash flow and long-term development upside within Greater Boston, which is arguably the country’s most attractive market,” said Ed