As part of the deal, Preferred agreed to build a new 220,000-sf business and technology center on undeveloped land at the site that it will lease back to Texas Instruments for at least 20 years. Texas Instruments will also sign a 10-year lease on an additional manufacturing space on the current site. A final closing is expected before the end of the year.

Conshohocken, PA-based Preferred is a commercial real estate developer focusing on the acquisition, restoration, leasing and property management of existing commercial and industrial real estate in the Mid-Atlantic region. This is the company's third foray into the Northeast, although previous projects took place more than a decade ago and consisted primarily of retail and flex developments.

Over the past several years, the corporation has pursued substantial growth and vast expansion in their core markets from Northern Virginia to Northern New Jersey. The company says that its development of the Texas Instruments site signifies its re-entrance to the greater Boston commercial real estate market.