In 1936, Samuel W. Poorvu-a young Russian immigrant-founded a small company in Boston, MA, building and developing post offices. Ambitious and hardworking, his success came swiftly. Before long he had built post offices in over 100 communities nationwide, leading The Wall Street Journal to name him "The Post Office King of America." Never forgetting that he had arrived in this country with only $8 in his pocket, Poorvu remained committed to showing integrity in all of his business dealings. As one prominent Boston financier said in March 1967: "Sam Poorvu's handshake is worth more than a legal contract prepared by the most meticulous State Street lawyers. His word is his bond."
More than 74 years later, his business-The Bulfinch Companies, Inc. and its affiliates-has grown into a leading real estate investment and development firm that owns and manages more than $500 million of real estate assets. Now in its third generation, Bulfinch is owned and operated by the Schlager family, specifically Poorvu's grandsons. The firm specializes in the development, acquisition, management, repositioning and leasing of office, industrial and R&D properties in New England as well as postal facilities throughout the country.
In the early 1990's, as the real estate market deteriorated, Bulfinch concentrated its business efforts on build-to-suit activities and acquired more than $250 million of real estate assets from financial institutions. Using state-of-the-art real estate investment research and financial analysis, the firm focused on purchasing under-valued, under-managed and under-utilized assets at below replacement cost. It targeted areas that presented attractive investment opportunities due to favorable demographic trends, employment growth, increasing space demands and declines in new construction. These investments were often accomplished at prices significantly below appraised values. The company added additional value to these properties by undertaking the redevelopment, renovation, restoration and/or repositioning to upgrade each property and by providing tenants with the highest level of service.
As the late 1990's real estate market entered equilibrium, Bulfinch refocused its attention to identifying development opportunities in premium locations and in areas where barriers to develop were high. As a result, Bulfinch has permitted or developed over 1 million square feet in Cambridge, MA and in the Central Route 128 Boston Submarket.
Bulfinch tenants include such companies as: Autodesk, Beth Israel Deaconess Medical Center, Smithsonian Institution, Verizon, Harvard University, Partners Healthcare, Siemens, Curtiss Wright, Bank of America and the United States Postal Service. Although the firm specializes in commercial properties, the Bulfinch portfolio includes a variety of real estate product types. Bulfinch believes that this diversity in real estate assets, coupled with properties in a variety of markets, provides the safest way to generate stable and superior investment results.
Bulfinch is able to move quickly on development and investment opportunities because it maintains substantial liquid assets and additional funds on standing unsecured credit lines. This financial stability has been a key factor in Bulfinch's continued success and growth.
As Bulfinch looks ahead, the company is well positioned to translate its high level of customer service, sound financial management and real estate investment, development and acquisition expertise into continued long-term, sustainable value and growth.