Image courtesy of The Davis Cos.

Stephen Davis has been named co-president of The Davis Cos. as part of a new leadership structure for the Boston-based commercial real estate developer and investor.

Davis joined the firm, which was founded by his father Jonathan in 1976, in 2009 as an associate counsel. Most recently he was managing director of the firm’s development group, leading the company’s ground-up building projects and adaptive reuse projects.

The new position gives Stephen Davis primary oversight of the company’s investment, development, investor relations and marketing. Richard McCready, named president of The Davis Cos. in 2014, was named co-president and will continue to oversee asset management, accounting and finance, property management, legal and human resources.

“I feel very fortunate that we are in a position to take this important step in our long-planned succession process. I believe it will enhance our ability to create value for our investors and lay the foundation for the eventual evolution of my own role within the company to executive chairman,” CEO Jonathan Davis said in a statement.

In October, The Davis Cos. completed $777.5 million in fundraising for its fourth fund, with plans to acquire $2.5 billion in real estate assets.

“Not only did we successfully close our Fund IV with more than $125 million above our fundraising target in this past year, but we also had early success in the allocation of a significant amount of that capital and in minimizing the pandemic’s impact on our existing portfolio,” Stephen Davis said in a statement.