Worcester Business Journal

10 Worcester Business Journal | March 10, 2025 | wbjournal.com Since Dell first announced plans to buy the long-time MetroWest tech firm, the company has sold $100M+ in local real estate holdings e incredible shrinking EMC BY ERIC CASEY WBJ Managing Editor I n August 1979, former college roommates Richard Egan and Roger Marino founded EMC Corp., a Hopkinton-based technology firm. Seeking to be their own bosses but without a business plan or product idea, the pair initially sold office furniture before moving on to sell computer products for Intel, according to a history of the company published by Forbes. Eventually, EMC settled on producing memory boards to be used to upgrade existing computers, quickly expanding into other products in the then-rapidly growing world of technology. e company went public on the Nasdaq exchange in 1986, raising $30 million in the process at a time where it had 400 employees. e growth continued, with the company establishing a large footprint in Hopkinton, eventually expanding its real estate footprint into other MetroWest communities like Southborough. EMC's rise culminated in a $67-billion merger with Texas-based Dell Technologies first announced in September 2015 and completed a year later. e move created the world's largest privately-controlled technology company, according to a Dell press release at the time. e company returned to the public market in December 2018. Seeking to quell concerns the merger meant the end of EMC's presence in the region, Chairman and CEO Michael Dell said the firm's presence in Hopkinton was about to get a lot larger, according to the Boston Herald, while a spokesperson for then- Massachusetts Gov. Charlie Baker said the administration was hopeful the newly-merged firm would have a robust presence in the region for years to come. Dell still has a presence in Hopkinton, owning three properties which feature about 1.28 million square feet of office space. However, since the 2015 merger announcement, the company has off- loaded more than 1.2 million square feet of space spread across nine properties in Central Massachusetts, with a total sales price of $103.22 million. Communities where EMC properties have been sold include Southborough, Westborough, Hopkinton, Franklin, and Milford. ese transactions have come as Dell's value has continued to grow, with its market cap increasing from $37.9 billion in 2018 to around $71 billion in February, according to Yahoo Finance. At the same time, the company's global workforce has shrunk 23.6%, from 157,000 in 2019 to 120,000 in 2024, while its total real estate footprint has been reduced 36%, from 31.5 million square feet to 20.2 million, according to filings with the U.S. Securities and Exchange Commission. "We continuously evaluate our business to ensure we're set up to deliver the best innovation, value, and service to our customers and partners," Dell wrote in an email to WBJ. "ese reviews encompass all aspects of our business from product roadmaps to the real estate footprint." Dell declined to make a company representative available for an interview with WBJ regarding its presence in Central Massachusetts. A reduction in Central Mass. employees e number of employees Dell EMC EMC facilities sold since Dell acquisition announced Building Address description Square feet Sold Sale price Buyer 21 Coslin Drive, Southborough/ Office 166,000 Jan. 30, 2025 $6.9 million Atlantic Management Corp., Westborough Framingham 32 Coslin Drive, Southborough Office 193,680 Dec. 4, 2024 $26.1 million Atlantic Management Corp., Framingham 42 South St., Hopkinton Office 129,520 June 13, 2024 $4.2 million GEM Realty Capital, Chicago 117 South St., Hopkinton R&D 59,886 April 5, 2024 $4.2 million Rhino Capital Advisors, Boston 55 Constituion Blvd., Franklin Office 204,014 Feb. 16, 2024 $6.4 million Northbridge Partners, Wakefield 31 Maple St., Milford Office 51,749 Jan. 26, 2022 $1.7 million Calare Properties, Framingham 52 South St., Hopkinton R&D 149,993 Dec. 9, 2021 $20.5 million DRA Advisors, New York 3400 Computer Drive, Westborough Office 85,808 Sept. 18, 2019 $12.2 million Carruth Capital, Westborough 900 West Park Drive, Westborough Office 192,230 Sept. 25, 2015 $21.2 million eClinicalWorks, Westborough Sources: Loopnet, municipal property records, Worcester District Registry of Deeds, Middlesex South Registry of Deeds Dell EMC still has a sizable presence in Hopkinton (left), but has off-load- ed a number of MetroWest proper- ties since the EMC merger, including 32 Coslin Drive in Southborough. PHOTOS | ERIC CASEY

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