BURLINGTON, MA-The Davis Cos. is purchasing One and Three Burlington Woods here for $33 million. GE Capital is divesting itself of the property at $123 per square foot, equal to half of the price GE purchased the property.The property was acquired at an auction May 16th.

The properties comprise 267,829 square feet of leaseable space, which is currently 64% occupied. The dual-building combo goes by the moniker of Burlington Woods office park and will undergo a renovation to One Burlington Woods. ADD Inc. has been hired to upgrade the common areas and expand the property's window line. The property was acquired on behalf of Davis' $230-million David Investment Vetures Value Opportunity Fund I.

Mark Rogh and Michael Moynahan of Cushman & Wakefield have been hired as leasing agents for the property. "With our basis at less than 50% of replacement cost, our plan is to undertake a significant capital program in order to reposition the properties to be commensurate with their prime location...," says Jonathan Davis, CEO of the Davis Cos., in a statement. C&W and Davis did not return GlobeSt.com inquiries by deadline.