LOWELL, MA—Anchor Line Partners andFarallon Capital Management report they haveacquired the Cross Point three-building complex here and have begunconstruction on the repositioning of the 1.2-million-square-footoffice and retail property.

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Newly formed Anchor Line is led by industry veteransAndrew Maher, a former managing director at EquityOffice Properties' Boston office and BrianChaisson, a former regional director at Tishman Speyer'sBoston office, along with their strategic partner, former TishmanSpeyer Senior Managing Director Casey Wold.

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The firm plans to transform the property originally built as theheadquarters for technology firm Wang, for the next generationworkplace, with the addition of multi-purpose campus-stylefeatures. Boston-based Anchor Line's capital partner is FarallonCapital Management, L.L.C., a San Francisco-based asset managementfirm.

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No financial details about the purchase were released, however,a report in the Boston Globe put the purchase price at$100 million.

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“We envision a 21st century village where collaboration andcreativity thrive in a large but accessible environment,” saysMaher, founder and managing director of Anchor Line Partners.“Cross Point will offer the features and benefits of asingle-tenant campus with the value of a multi-tenant building atthe most competitive prices in the marketplace.”

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"With fewer and fewer big blocks of available space in suburbanBoston, these buildings will be increasingly attractive to largetenants looking to establish operations in one well locatedproject,” said Rocky Fried, a managing member of Farallon CapitalManagement. “We look forward to improving Cross Point and offeringflexible, high quality alternatives to the market."

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The proposed ground floor design focuses on a more vibrant andenergetic environment from the outside in. The space will beprogrammed to spur engagement among the tenant community, whileimproving productivity and work-life balance, Anchor Line officialsstate. Cross Point will feature amenities such as innovativemeeting spaces, a new fitness center with yoga studio, an openrecreational space for activities including a golf simulator, arenovated cafeteria, a planned full-service restaurant, bikestorage and brand new on-site day care. The property also features4,000 parking spaces.

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The revitalized Cross Point offers flexible floor plans and avariety of layouts ranging from 3,000 square feet to 350,000 squarefeet making it the largest block of space in the Route 3corridor.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.