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640-666 Lincoln Street
Worcester, MA
GFI recognized the demand for quality blocks of functional space
GFI Partners purchased this three building 227,000 square foot campus from Jamesbury-Metso Automation in December of 2000. The campus consisted of a 60,000 square foot research and manufacturing building, a 27,000 square foot office building and a 140,000 square foot manufacturing building in Worcester, Massachusetts. Since they were built, these buildings were utilized by Jamesbury for the design construction and testing for the industrial valve industry. Over time, the processes became functionally obsolete and Jamesbury was looking to consolidate domestic operations and send portions of its manufacturing overseas.
Located at a key Worcester intersection adjacent to the interstate, GFI recognized the prime location of these underutilized assets. As part of the acquisition, GFI negotiated a phased lease back which accommodated the seller's space needs and helped reduce GFI's exposure during the redevelopment process. GFI began with the redevelopment and releasing of the 60,000 square foot and 27,000 square foot buildings to such quality tenants as Simplex Grinnell and University of Massachusetts over the first six months of ownership. It was at the end of a twelve month period that the seller vacated the 140,000 square foot building. GFI immediately began the redevelopment on a speculative basis repairing floors, building equipment, building façade as well as the office space. Through an aggressive marketing campaign GFI had the building fully leased in six months!
GFI recognized the demand for quality blocks of functional space in the Worcester market. GFI's creative redevelopment plans coupled with an aggressive marketing campaign resulted in recreating this one time single tenant facility into a three building multi-tenanted industrial park in just 18 months.
GFI Partners purchased this three building 227,000 square foot campus from Jamesbury-Metso Automation in December of 2000. The campus consisted of a 60,000 square foot research and manufacturing building, a 27,000 square foot office building and a 140,000 square foot manufacturing building in Worcester, Massachusetts. Since they were built, these buildings were utilized by Jamesbury for the design construction and testing for the industrial valve industry. Over time, the processes became functionally obsolete and Jamesbury was looking to consolidate domestic operations and send portions of its manufacturing overseas.
Located at a key Worcester intersection adjacent to the interstate, GFI recognized the prime location of these underutilized assets. As part of the acquisition, GFI negotiated a phased lease back which accommodated the seller's space needs and helped reduce GFI's exposure during the redevelopment process. GFI began with the redevelopment and releasing of the 60,000 square foot and 27,000 square foot buildings to such quality tenants as Simplex Grinnell and University of Massachusetts over the first six months of ownership. It was at the end of a twelve month period that the seller vacated the 140,000 square foot building. GFI immediately began the redevelopment on a speculative basis repairing floors, building equipment, building façade as well as the office space. Through an aggressive marketing campaign GFI had the building fully leased in six months!
GFI recognized the demand for quality blocks of functional space in the Worcester market. GFI's creative redevelopment plans coupled with an aggressive marketing campaign resulted in recreating this one time single tenant facility into a three building multi-tenanted industrial park in just 18 months.