The Davis Cos. marquee now features a Marcus. Reflecting a lengthy partnership between Chief Executive Officer Jonathan G. Davis and President Paul R. Marcus, the Boston-based real estate firm is recasting its name as Davis Marcus Partners. Effective this week, the switch is being done in conjunction with a series of other strategic moves, including a new Web site and broadening of the company’s horizons into other markets.
With the firm celebrating its 30th anniversary, Davis called the name change “a little overdue” given his 14-year alliance with Marcus that has helped the company become one of the region’s largest privately held development, investment and management firms. Along with recent initiatives such as the repositioning and subsequent sale of the Boston Design Center for $96 million and expansion of Charles River Plaza in the Hub’s Beacon Hill district, Davis Marcus Partners is currently ensconced in an overhaul of a one-time Polaroid campus in Waltham into a multi-tenanted office park totaling 850,000 square feet of Class A office space.
“Our new name recognizes the collaborative nature of our relationship and reflects a mutual commitment to continuing our dynamic and highly successful partnership,” said Davis, adding that Marcus “completely deserves” the recognition as a leading driver of the company. “It’s really only fitting,” he said, noting that Marcus has been an equal partner for nearly all the time the two have worked together, and observing that the step helps solidify the bond going forward as they plumb new opportunities in New England and beyond.
“Our commitment to success through creative partnership is a continuation of the corporate ethic that Jon forged for the company 30 years ago,” concurred Marcus, who worked for such well-known local players as the Beacon Cos. and developer Donald Chiofaro before joining the Davis Cos. in 1992. In the years since, the firm has completed $1.2 billion of projects and investments, estimated Marcus, mostly focused on Massachusetts and Fairfield County in Connecticut.
Marcus also highlighted another element of the name change that he insisted is equally important, explaining that the “Partners” inclusion recognizes the positive influences of company employees, clients and financial backers. “That is a critical piece of our success, and we wanted to [reflect] that up front in the name,” said Marcus, citing Prudential Real Estate Investors to illustrate his point.
Having previously worked together on developing 500 Unicorn Park in Woburn and an office project in Shelton, Conn., Prudential is helping Marcus Davis Partners finance the $80 million overhaul of the Polaroid campus. Now known as Reservoir Woods, the initial phase of 450,000 square feet is already 80 percent committed, with a completion slated by this autumn. Leases signed include a 210,000-square-foot pact with Fresenius Medical Care, a 125,000-square-foot commitment by Perkin Elmer and a 22,000 square foot deal with Battery Ventures. Along with his and Davis’ own belief in the area and the property, which they purchased in 2001, Marcus praised Prudential for helping push the plan off the drawing boards to capture the anticipated wave of tenants emerging from the downturn of the previous few years. That notion was supported by Davis.
“It’s absolutely true,” Davis said of Prudential officials encouraging the launch of Reservoir Woods. “A lot of investors only look in the rear-view mirror, but Prudential has a much more [futuristic] approach to doing business and is always [interested] in getting ahead of the market Â… They are a very sophisticated investor.”
As for the new Web site, which will go live this week at davismarcus.com, Davis said the changes there will better define the company and its service lines, such as growth in the life sciences and health care arenas, and also help visitors understand the company’s broader geographic intentions. Last month, for example, Davis Marcus Partners purchased a three-building medical office park in southern Florida, and is currently chasing another deal in that area.
