|300 Baker Avenue: Concord, MA
Gillespie and Co., Inc., in partnership with Hall Properties, Inc. of Boston, purchased the headquarters of GenRad Corporation in Concord, Massachusetts, for $6.25 million. Sited on 75 acres of land directly adjacent to Route 2, the 408,000-square-foot office and R&D building had been built by GenRad in phases from 1951 to 1980. The development team, in a venture with Lehman Brothers Holdings, Inc. of New York, completely renovated the property.
The renovation, designed by Tsoi/Kobus and Associates, included a new lobby and elevators, upgrades of all major systems, and a three-story atrium cafeteria. The redevelopment transformed a functionally obsolete structure into a technologically superior and visually appealing workplace. Lucent Technologies committed to 180,000 square feet. Other premier tenants, including SolidWorks, Mitsubishi, OneSource and EarthTech subsequently moved into the building.
The development team sold the building and two adjacent building sites to Metropolitan Life Insurance Company for $47.75 million. After the sale, the team continued to work with MetLife to achieve full permits for 200,000 square feet of additional office development.