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.
Preferred has a number of development projects in the Mid-Atlantic that are on a similar scale to this one. Among those projects are the Wharf at Rivertown, a 90-acre, mixed-use complex in Chester, PA, which Preferred began renovating in 2000 to 400,000 sf of class A office space and the American Metro Center, a 750,000-sf former toilet factory in Hamilton, NJ, slated for completion in January 2005.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
