Hill Corporate Center: Marlboro, MA
Gillespie and Co., Inc., in partnership with Hall Investment Holdings, purchased a 500,000-square-foot, three-building office and R&D complex from Lucent Technologies located in Marlboro, Massachusetts. The purchase price was $27.5 million, or one-third of replacement cost and a value-added opportunity for the investors. The site also had permits in place for another 500,000 square feet of office space.
Originally developed for Stratus Computer Inc. as its world headquarters, the site is located minutes from Route 495. The hillside location has commanding views of the surrounding area and the City's reservoir.
The team developed architectural and engineering plans for significant improvements, and spent several million dollars on upgrades, including a new entry road which greatly improved the access to the project and reduced the travel time to Route 495 by half.
Boston-based medical products firm Boston Scientific Corporation determined the site was the best location for its future expansion, and bought the site for $43.5 million.