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Boston Scientific Buys 500,000-SF Office Complex for $44M

MARLBOROUGH, MA-Boston Scientific Corp. acquires Addition Hill, the 500,000-sf, 10-acre complex at 55 Fairbanks Blvd. from Hall Gillespie. The property was originally purchased in 2002 by Hall Gillespie from Lucent Technologies, Inc. for $27.5 million.

By Naomi Grossman | Updated on February 09, 2004

MARLBOROUGH, MA-In a deal that is one of the area’s largest in recent months, Boston Scientific Corp. has acquired Addition Hill, the 500,000-sf, 10-acre complex at 55 Fairbanks Blvd., from Hall Gillespie LLC, a locally based real estate investment and development firm. Financial details of the deal were not revealed but industry sources tell GlobeSt.com that the purchase price was $43.5 million.

The property was originally purchased in 2002 by Hall Gillespie from Lucent Technologies, Inc. for $27.5 million. The 100-acre site is situated just off Route 495 and is comprised of three buildings ranging in size from 100,000 sf to 200,000 sf as well as approvals to build another 500,000 sf of development. The development team had installed a multi-million dollar new entry road to the complex and was proceeding with a master plan for major building renovations.

Ian S. Gillespie, a partner at Hall Gillespie, tells GlobeSt.com that his firm had designed and priced a “fairly extensive” renovation on the campus when Boston Scientific approached with an offer. “We always saw this site as a premier corporate campus and were prepared to re-develop it ourselves,” he says. “We are delighted that a company like Boston Scientific purchased this property and wants to utilize it for its own corporate campus. This transaction sends a very important message to the people of Massachusetts and the Metro West area that Boston Scientific, one of the region’s great companies, has a strong commitment to grow in the area.”

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