Funding Provided by Cambridge Savings Bank to Facilitate Redevelopment for Rebranded Asset
July 7, 2016 – Tewksbury, MA – Rubenstein Partners, L.P., (including its affiliates, “Rubenstein”), announced today the closing of a loan commitment of $28,105,000 for the Center at Innovation Drive, a 706,000 SF office, manufacturing, and warehouse complex in Tewksbury, MA, a submarket of Boston. The recently rebranded property, formerly known as 495 Business Center, 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 is in the process of a dramatic interior and exterior renovation and capital improvement plan, which began in August 2015 and is projected to be completed later this year. This redevelopment will transform the project that birthed Wang Laboratories, and its pioneering research of the last millennium, into a state of the art ‘creative office’ complex fostering innovation and collaboration for the current millennium. Aimed at satisfying the demands of the modern workforce, the current capital plan includes substantial site work and landscaping, the rebirth of 200 Innovation Drive from a class C flex asset into a Class A office asset and extensive core and shell upgrades to 400 Innovation Drive including a new façade, amenity center and state of the art building systems.
“We are pleased to have closed another loan transaction with Cambridge Savings Bank, one that will help facilitate the striking repositioning going on at the Center at Innovation Drive,” said Deke Schultze, Regional Director of New England for Rubenstein. “We believe there is significant potential for this redeveloped property to meet the demands of a rapidly changing workplace and be uniquely positioned to do so in the495 North submarket. The financing we have secured will help support these substantial upgrades already underway which we look forward to delivering later in the year.”
The Center at Innovation Drive campus provides a new alternative to older properties located along the I-495 belt’s office inventory and serves as an ideal option for companies seeking more efficient, collaborative and highly-amenitized space. The property also benefits from its great location providing ease of access throughout the metropolitan area, being located on I-495 only a few miles from both the Route 3 and I-93 north/south corridors.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners’ predecessor company, The 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 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.