Davis acquires leasehold interest in Seaport District's 88 Black Falcon Avenue for $60 million

Developer The Davis Companies has acquired the leasehold interest for the 376,000 square foot 88 Black Falcon Avenue industrial and office building in the Seaport District for $60 million, or $160 per square foot. Financing for The Davis Companies' acquisition was provided by Capital One. The Davis Companies is working with architect Dyer Brown to plan capital improvements to common areas at 88 Black Falcon Avenue; the building was last renovated in 2000. Seller Proligis acquired the interest in February 2004 for $51 million, or $136 per square foot.

As part of the The Davis Companies' acquisition, Proligis’ former lease, which terminated in 2050, has been extended by 48 years and now expires in 2098. 88 Black Falcon Avenue is 94% leased and is located on Boston Harbor next to The Innovation and Design Building on a 10.52-acre Massachusetts Port Authority (Massport)-owned site. Autonomous vehicle company Optimus Ride recently entered a new lease at 88 Black Falcon Avenue for 19,863 square feet.

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