MIDDLETON, MA-The Davis Cos. is the shiny new owner of the Ferncroft Corporate Center. The eight-story property was purchased at $15.3 million out of foreclosure. The property boasts 226,338 square feet of class A office space on a 13-acre site. The property was bought out of REO through the special servicer LNR, says a rep for Cushman & Wakefield.
The deal was brokered by Cushman & Wakefield's capital markets group of Robert Griffin, Jr., David Pergola and Brian Doherty, who exclusively repped the seller and procured the buyer. The purchase was made by an affiliate of the Davis Cos. The property is 68% leased.
The property boasts 1,014 parking spaces and various amenities, such as a full-service cafeteria, fitness center, a three-story lobby and a rooftop penthouse office. It was originally constructed as the headquarters facility of Verizon's information services division, but has since been owned by the Berwind Property Group and then Behringer Harvard, which sold it to a institution, until the lender foreclosed on it in 2010. Behringer purchased the property in 2006 for $27 million and reportedly sold it for $37 million.
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