Gift Association Takes 80% of Redeveloped R&D Building

BILLERICA, MA-New Boston Fund has leased up 80% of the two-story, 138,988-sf former research and development building at 1000-1200 Technology Park Dr. that it acquired for $5.5 million from Archon Atlantic. Vendors associated with the Gift and Decorative Accessories Center Association Inc.–known as the Northeast Market Center– have agreed to lease space in the facility. So far, about 40 crafters and other gift manufacturer’s representatives will be moving in the fall.

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.