LOWELL, MA—Anchor Line Partners and Farallon Capital Management report they have acquired the Cross Point three-building complex here and have begun construction on the repositioning of the 1.2-million-square-foot office and retail property.

Newly formed Anchor Line is led by industry veterans Andrew Maher, a former managing director at Equity Office Properties' Boston office and Brian Chaisson, a former regional director at Tishman Speyer's Boston office, along with their strategic partner, former Tishman Speyer Senior Managing Director Casey Wold.

The firm plans to transform the property originally built as the headquarters for technology firm Wang, for the next generation workplace, with the addition of multi-purpose campus-style features. Boston-based Anchor Line's capital partner is Farallon Capital Management, L.L.C., a San Francisco-based asset management firm.

No financial details about the purchase were released, however, a report in the Boston Globe put the purchase price at $100 million.

“We envision a 21st century village where collaboration and creativity thrive in a large but accessible environment,” says Maher, founder and managing director of Anchor Line Partners. “Cross Point will offer the features and benefits of a single-tenant campus with the value of a multi-tenant building at the most competitive prices in the marketplace.”

"With fewer and fewer big blocks of available space in suburban Boston, these buildings will be increasingly attractive to large tenants looking to establish operations in one well located project,” said Rocky Fried, a managing member of Farallon Capital Management. “We look forward to improving Cross Point and offering flexible, high quality alternatives to the market."

The proposed ground floor design focuses on a more vibrant and energetic environment from the outside in. The space will be programmed to spur engagement among the tenant community, while improving productivity and work-life balance, Anchor Line officials state. Cross Point will feature amenities such as innovative meeting spaces, a new fitness center with yoga studio, an open recreational space for activities including a golf simulator, a renovated cafeteria, a planned full-service restaurant, bike storage and brand new on-site day care. The property also features 4,000 parking spaces.

The revitalized Cross Point offers flexible floor plans and a variety of layouts ranging from 3,000 square feet to 350,000 square feet making it the largest block of space in the Route 3 corridor.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.