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Bank Takes Over 400,000-SF Building

WAYLAND, MA-Congress Group Ventures gives up on its 400,000-sf building located on Route 20 and Credit Suisse First Boston becomes its new owner. The bank has not indicated yet what its plans are for the 57-acre site.

By Naomi Grossman | Updated on January 06, 2004

WAYLAND, MA-The 400,000-sf building located on Route 20 has not done much for the fortunes of those involved with it, but the town is hoping that all that will change. The building, which is situated on a 57-acre parcel, was recently taken over by Credit Suisse First Boston after its former owner, Congress Group Ventures, gave up on the property. The building is nearly 90% vacant.

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.

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