Lahey Clinic Acquires 100,000-SF HP Building

BURLINGTON, MA-Lahey Clinic, a teaching hospital affiliated with Tufts University School of Medicine, acquired 29 Mall Rd. from Hewlett Packard Co. The clinic paid $8 million for the 100,000-sf property, which has been vacant since last year.

A spokesperson for the clinic tells GlobeSt.com that the deal came as something of a surprise. The hospital was not able to afford to acquire the building, which is located right next door to the Lahey Clinic, but financial assistance was provided from the Bernard Gordon Charitable Remainder Unitrust which enabled the hospital to negotiate a purchase price. The charitable trust was established by Bernard M. Gordon, a chair of the Lahey Clinic board of trustees.

“We feel strongly that the acquisition of this building is an important step in advancing the future of medicine at Lahey Clinic,” says Gordon. “As board chairman, I felt compelled not to pass up the opportunity for Lahey Clinic to acquire this contiguous property.”