Addition
Hill Corporate Center
In July 2002, 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 Marlborough,
Massachusetts. The purchase price was $27.5 million, or $55
per square foot. The purchase price was one-third of replacement
cost, and represented a value-added opportunity for the investors.
The site also had permits for another 500,000 square feet of
office space.
Originally developed for Stratus Computer Inc. as its world
headquarters, the site is known as "Addition Hill" and 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 to the buildings and the site. The developers also
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.
In February 2004, a 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.
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