Worcester Business Journal

wbjournal.com | December 23, 2024 | Worcester Business Journal 21 W Year in Review: Office Dell offloads EMC's large office building in Southborough for $26.1M Nine years aer Hopkinton-based EMC merged with Texas-based Dell to form Dell Technologies, the combined firm has sold its 145,000-square-foot office building in Southborough for $26.1 million, further diminishing the company's footprint in Central Massa- chusetts. e building, located on a 19.75-acre plot of land at 32 Coslin Drive, was sold to an entity managed by Fram- ingham-based Atlantic Management Corp., according to Worcester District Registry of Deeds. Atlantic Management has previously been a part of Central Massachusetts projects seeking to redevelop former corporate campuses into mixed-use de- velopments, leading efforts to redevelop the former Hewlett-Packard campus in Marlborough in the early 2010s. Dell has reduced its presence in Mas- sachusetts since its 2016 merger with EMC, offloading a Milford training facility for $1.7 million in 2022. Some of the firm's former office space in Hop- kinton has since been turned into lab space for Spring Bank Pharmaceuticals. Downtown Worcester's 124-year-old office building sold for $3.2M A four-story office building in Downtown Worcester and an associat- ed parking lot have been sold for $3.2 million. e deal, finalized on Nov. 4, saw the 20,000-square-foot building at 9-15 Pleasant St. sold to HHM Cube Properties of Springfield, according to Worcester District Registry of Deeds records. HHM is managed by Rishi Patel of New Hampshire and Danny Wadhwani, founder and CEO of Natick-based, air-quality focused tech firm inkLite Air, according to Secretary of the Com- monwealth records. e property was sold by Panadorou Properties, a Worcester-based entity operated by real estate attorney Chris Panagiotidis. e building at 9-15 Pleasant St. dates back to at least 1900, with the property last selling in 2003 for $900,000, according to City of Worces- ter property records. e property is adjacent to the long-vacant Olympia eatre, one of several Central Mas- sachusetts performance venues whose owners are looking to bring back to life. HHM's purchase included an approx- imately 13,000-square-foot parking lot located behind the building. Crosspoint Associates offloads Natick office building for $4.5M A three-story office building on Route 135 in Natick has sold for $4.45 million to a Waltham-based firm. e 36,389-square-foot building located at 233 West Central St. was sold by an entity managed by Newton-based real estate firm Crosspoint Associates on Nov. 8, according to Middlesex South Registry of Deeds records. e building was purchased by 296 Newton Street LLC, a Waltham-based entity managed by Ludovino and Michele Gardini, both of whom are affiliated with America One Realty & Development, also based in Waltham, according to Secretary of the Common- wealth records and Michele Gardini's LinkedIn profile. Built in 1987, the office building's tenants include offices for physicians who are part of Framingham-based Charles River Medical Associates. Jaco's HQ in Franklin sold for $17M to real estate investment firm e headquarters of a Franklin manufacturer has been purchased by a Wakefield-based real estate investment company for $17 million. e property, an approximately 100,000-square-foot industrial building located at 140 Constitution Blvd., was purchased by NBPIV Constitution LLC, a corporation managed by Northbridge Partners in Wakefield. e property was sold by Constitu- tion Corp., a Franklin-based corpora- tion owned by Alfred Rossini, the CEO of Jaco Inc., a manufacturer of medical computer carts and other technology utilized by hospitals for patient care. e building is occupied by the headquarters of Jaco. e company was Jaco's offices in Franklin Dell acquired EMC in 2016. Office vacancy rates in Central Mass 15% 20% 25% 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 3/31/2015 High: 23.5% Low: 18.2% 18.9% Office vacancy rates in Central Mass Combined rate of Greater Worcester and I-495 West in Metrowest, according to real estate firm Colliers Source: Colliers purchased by GCX, a California-based medical device company, in Decem- ber 2022. Gary Brayton, national sales director at Jaco, confirmed to WBJ via email that the company will be staying. e building sits on 7.1 acres of prop- erty, which was assessed at a value of $8.17 million by the City of Franklin. Shrewsbury medical office sells for $2M to Marlborough dentist A medical office on Route 9 in Shrewsbury has been sold to a Marlbor- ough-based dentist with offices through New England and the Northeast. e property, located at 222-224 Boston Turnpike, has been sold for $2 million in a deal finalized on March 4, according to Worcester District Reg- istry of Deeds records. e buyer was Milford Downtown LLC, a Marlbor- ough-based entity managed by Patrick Assioun, according to Secretary of the Commonwealth records. Assioun is the owner and CEO of Passion Dental, a company operating dental practices in Massachusetts, New York, New Hampshire, and Con- necticut. Dental offices affiliated with Passion include Hudson Dentistry & Braces and Marlborough Dental Partners. e property was sold by Myles F. Costello LLC, a Mansfield-based entity. e site is leased to two entities operated by Worcester-based Reliant Medical Group, according to CoStar, a real estate information service.

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