NORTH ANDOVER, MA-The owner of one of suburban Boston's largest commercial properties has received a $12.5-million mortgage from Enterprise Bank & Trust. The loan was obtained for 1600 Osgood St., a former Lucent Technologies plant that was acquired by Ozzy Properties in 2003 and has since been repositioned as a multi-tenanted business complex.
Situated just off Interstate 495, 1600 Osgood St. is a 1.5-millio- sf building that Lucent used for its main research and development operations. The company retains a minor presence in the asset. The 169-acre property includes 40 acres reserved for parking. Other features include a 300-seat auditorium, 500-seat cafeteria and a private executive dining room that can accommodate 150 people. Completed in 1956 on behalf of Western Electric, the plant was once the largest manufacturing facility in northern Massachusetts, employing upwards of 13,000 workers in its heyday.
Details of the loan terms were not released. Founded in 1994, Ozzy Properties now controls two million sf of office and retail space, as well as 100 residential units. The company's assets are concentrated in the Merrimack Valley in communities such as Andover, Lawrence and Methuen.
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