Center at Innovation Drive, Tewksbury, MA
TEWKSBURY, MA—Defense contracting firm Raytheon, which is headquartered in Waltham, MA, is expanding operations in the region and taking significant space at Rubenstein Partners, L.P.'s Center at Innovation Drive complex here.
Raytheon signed a seven-year lease deal for approximately 134,000 square feet at the recently redesigned 706,000-square-foot complex that previously housed Wang Laboratories. Raytheon will occupy two floors at the office, manufacturing and flex use complex.
The Center at Innovation Drive, formerly known as 495 Business Center, is comprised of four conjoined buildings located at 200, 300, 400 and 500 Innovation Drive. Philadelphia-based Rubenstein recently completed a state-of-the-art interior and exterior renovation plan throughout the entire campus, creating a modern workplace for multiple tenants and uses that is unique to the market. The renovations included a complete repositioning of the asset's systems, façade, entry, and common areas, including the creation of an amenity center featuring a town-hall amphitheater, fitness center, café and collaboration spaces, as well as extensive site work and landscaping.
Rubenstein announced in October 2014 that its Rubenstein Properties Fund II L.P. acquired the 495 Business Center, a commercial office park located on approximately 84 acres in Tewksbury, MA. The purchase price for the property the original headquarters of Wang Laboratories, was approximately $13 million.
In July, 2016, Rubenstein Partners closed on a more than $28-million loan in connection with the redevelopment and rebranding of the property to the multi-tenant Center at Innovation Drive. The property now features 706,000 square feet of office, manufacturing, and warehouse space and is comprised of four conjoined buildings located at 200, 300, 400 and 500 Innovation Drive. Cambridge Savings Bank provided the funding.
The Center at Innovation Drive achieved LEED certification for Building Design and Construction from the U.S. Green Building Council for the major renovation.
“Raytheon is a technology and innovation leader and we're extremely pleased to announce their new long-term lease at the Center at Innovation Drive,” notes Peter Gottlieb, SVP at Rubenstein. “By repositioning the Center at Innovation Drive campus, we were able to unlock its hidden value. The campus is a special, differentiated offering in the market, and we are pleased to partner with cutting-edge tenants like Raytheon.”
Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 21 million square feet of office real estate assets throughout the United States.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
