Hilco Redevelopment Partners announced the purchase of an 8.2-acre property located at 152 Grove Street in Waltham, Massachusetts. The property is conveniently located just ten miles from downtown Boston and is situated in a vibrant, mixed-use community. This sought after location capitalizes on a well-educated local employment base and amenity-rich surrounding area, providing tenants and employers with a highly unique “live, work, play” environment in an inner-suburban location.
The redevelopment of this property will result in approximately 130,000 square feet of creative office and R&D space across three buildings in a highly unique, campus-like setting. The 1940’s brick and beam structure will be fully restored, featuring high ceilings with expansive windows, skylights and exposed brick interior walls. The project will also benefit from completely new systems, common areas, utility infrastructure, landscaping, and onsite employee parking. The property originally served as the corporate headquarters for The Standard Thomson Company, a company that sold temperature gauges for automobiles and other industrial equipment.
Roberto Perez, Executive Vice President and Managing Partner of Hilco Redevelopment Partners indicated that this new development is being called “The Gauge” in an effort to recognize the history of the property. Mr. Perez said “Hilco Redevelopment Partners has become one of the leading experts at managing real estate revitalization projects like “The Gauge”. Our business platform has literally been built to provide customized and integrated solutions to maximize the value of obsolete properties all over the country.”
Hilco Redevelopment Partners is part of the real estate division of Hilco Global and is the founding company behind the massive 3100-acre redevelopment project located on the former site of the Bethlehem Steel in Baltimore, MD which is now called Tradepoint Atlantic. The Tradepoint Atlantic project is currently one of the largest and most transformative real estate redevelopment projects underway in North America, reinventing the obsolete industrial steel manufacturing site and bringing a considerable boost to the local economy in Maryland.
Ben Spera and Andrew Chused, both SVP’s and Partners at Hilco Redevelopment Partners are responsible for leading the project in Waltham, MA, as well as others in the region. Spera said “The Gauge at 152 Grove Street represents a phenomenal redevelopment opportunity given the property’s campus-like setting, unique character, authenticity and dynamic location.” Mr. Chused added that “the property is being designed for tenants that desire Class A office and /or R&D space and also value a highly creative, energetic environment within an inner suburban location”
Spera and Chused indicated that they believe the New England marketplace will continue to be an opportunity for Hilco Redevelopment Partners with several other exciting project expected to be announced in the coming months.
Hilco Redevelopment Partners, has retained CBRE/New England as its exclusive leasing and marketing partner for The Gauge. The redevelopment is expected to be completed and ready for occupancy in early 2017. HRP’s project design and architecture is led by SGA (Spagnolo Gisness & Associates, Inc.)