New Owners Hoping To Breathe New Life Into Tewksbury's 495 Business Center
Oct 15, 2014 04:42PM ● Published by Bill Gilman
495 Business Center
The Boston Business Journal is reporting the 85-acre complex has been bought by Rubenstein Properties Fund II for the price of $13 million. The sum is significantly lower than the assessed value of $22 million and the $20.15 million an Austin. Tex. based LLC paid for the property back in 2007.
The complex consists of three inter-connected buildings, built in 1978, 1981 and 1991 at 200-500 Network Center Drive. Originally, the complex was built as a headquarters for Wang Computer.
According to a prepared statement released by Dave Rubenstein, managing partner of Rubenstein Partners, said the plan is to work with the Genesis Management Group to renovate the complex.
“Our focus as a firm is on adding value to office assets. Here, we see a great opportunity to enhance value, given the local demand for creative office space on one hand, and the physical attributes of the property given its historic use as R&D and manufacturing space on the other,” said Rubenstein, in the statement.
“It’s unusual to find this combination of ceiling heights, open floors, and infrastructure in a multi-story building in this market, and, along with our planned renovations, this will differentiate the property from competing office supply," added Deke Schultz, head of New England Acquisitions for Rubenstein Partners, in the same prepared statement.