The Davis Companies buys 40 Richards Ave. for $16.5M

Mack-Cali Realty Corporation has sold it’s commercial office property known as 40 Richards Avenue to The Davis Companies for $16.5M. The Davis Companies, based in Boston, has plans to undertake a capital improvement plan to upgrade the café, landscaping, and bathrooms, add a gym, and complete various other improvements

Built in 1985, the class A seven-story office building boasts 145,487 square feet of office space situated on 1.4 Acres of land. The property, 64% occupied at the time of sale, includes major tenants such as the world headquarters of Xerox Corporation and the North American headquarters of Virgin Atlantic.