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MetroWest Daily News | Framingham, MA
Size: 96,000 SF
Sector: Media/Newspaper
Service: Property Disposition
From an old and tired building to a sophisticated biomanufacturing facility
The Need
BellCornerstone was hired by GateHouse Media on behalf of MetroWest Daily News to sell their 96,000 SF newspaper production facility in Framingham, MA. Built in 1970 as a headquarters for the Middlesex News, the building was no longer being utilized to the extent it had in the past. With an old and tired aesthetic, the building was showing its age and needed significant renovation to catch up with the renaissance of new construction and revitalization in the surrounding area. Sitting on 10 acres of land and located in a highly sought-after area which had become home to a cluster of pharma and bio-med companies, the location of the property was highly desirable.
The BellCornerstone Approach
BellCornerstone deployed a team of commercial real estate experts to examine the property and interview local real estate professionals. The team thoroughly analyzed underlying potential environmental concerns and selected a local broker who possessed significant market knowledge. Within a week of being hired, it was off to the races to market the property through all means available, including prominent building signage, premium digital listing services (such as LoopNet), and collaborating with the local brokerage community. The BellCornerstone in-house telecommunications team launched an extensive campaign that included calling all large local companies, neighbors, and regional investors. Through this endeavor, BellCornerstone identified multiple prospective buyers, resulting in favorable negotiations to maximize the sale price for the client.
The Result
After significant negotiation, King Street Properties was the winning buyer, and in 2018, purchased the building for $10,000,000. King Street Properties hired R E Dinneen Architects & Planners, as lead architect, and BW Kennedy & Company, as lead construction firm, to reposition the building to service the life sciences and technology market. Over the next 12 months, the building took on a $13 million-dollar conversion to Class A bio-manufacturing space and R&D laboratory. Shortly after completion, Replimune Group, Inc. signed a 10-year lease for over 60% of the building to house its sophisticated biomanufacturing facility.
"GateHouse engaged BellCornerstone as a vendor for the review of a single transaction in Florida. BellCornerstone's recommendation & creative solutions directly resulted in saving millions of dollars, reducing term, and right sizing our operation. BellCornerstone now represents our portfolio nationwide and is considered among our most trusted advisors."
