The Davis Cos. of Boston has acquired One Cabot Road, a 308,946-square-foot office building next to the Wellington Circle MBTA station in Medford, for $53 million, with plans for a major repositioning of the property. The seller was New York-based Ares Management.

Built in 1989, the building is 90-percent leased. Major tenants include Agero, Expedient, Partners Healthcare and First Marblehead Corp. Partners’ 38,000-square-foot lease expires in 2017, Davis’ Cos. CEO Jonathan Davis said. The health care provider is consolidating its regional offices in an 850,000-square-foot complex at Assembly Row in Somerville that will open in 2017.

The Davis Cos. plans a revitalization of One Cabot Road intended to compete with Boston, Cambridge and other suburban markets for office tenants looking for a transit-accessible facility. It has hired Boston-based Margulies Peruzzi Architects to design upgrades to systems and common areas.

Jones Lang LaSalle’s Peter Bekarian and Tyler Spring have been selected as leasing brokers.

"We believe One Cabot has genuine appeal to a wide array of tenants being priced out of Cambridge, the Financial District and the Seaport, as well as from those tenants wanting to move into the city from the suburbs," Quentin Reynolds, managing director of acquisitions for The Davis Cos., said in a statement.