New Boston Fund, the Boston-based real estate investment, development and management firm, made significant renovations to the former office/research and development building formerly occupied by Nortel Networks. The firm expects to spend $5 million enhancing the building for a total investment of close to $12 million.

"This is a creative reuse of a prime research and development space at a time when vacancy rates are running about 30%," says New Boston Fund president Jerry Rappaport Jr. Paul Stuart, regional director of property management for New Boston Fund, notes that the firm anticipates that the Northeast Market Center will become a long-term tenant and will provide "stable cash flow and good returns to equity."

Andrew Syiek, executive director of the Northeast Market Center, says about 50 tenants will be able to occupy the new space, which he expects to be filled quickly. "Many of the organizations in our existing building in Bedford want significantly more space because their businesses have grown," he points out. "The building at Technology Park Drive more than fits our needs."