The property was occupied by Raytheon until 1996 when Polaroid moved in. But they moved out in 2001 after declaring bankruptcy. The owners had been actively trying to lease out the property since, but the collapse of the office market left them with a nearly vacant property for more than two years.

According to Joe Laydon, Wayland's town planner, the town is looking at what it would like to do with the property. Laydon emphasizes to GlobeSt.com that the building is located in the center of the town and the building, which is currently used as office space, could be converted to other types of uses. "All types of developers are approaching the bank and the town, but the town is thinking about what it wants," says Laydon.

Pen Pendleton, vice president in corporate communications for Credit Suisse First Boston, tells GlobeSt.com that he could not offer any comment other than to confirm that a subsidiary of the bank "has agreed to take back ownership of the property in an effort to maximize value." Pendleton says he cannot comment on the bank's future plans for the property. Laydon acknowledges it is unclear whether the bank will work with the town, but adds that a town center committee has been formed to focus on plans for the site. Under consideration is and is everything from residential, commercial or office use to putting a road through the property to mixed use to converting it to open space.