Executive vice presidents Kevin C. Phelan and David M. Douvadjian of Meredith & Grew's Finance and Capital Markets Group procured the financing from Principal Global Investors for PM Atlantic Lexington.
The Park is located at the northeast corner of the intersection of Routes 128 and 2. Raytheon still occupies the site but Douvadjian tells GlobeSt.com that the defense and aerospace contractor is phasing out of the location over the next 12 to 15 months. Douvadjian says that the property owners have "some tenants identified" but no leases have yet been signed.
The site currently contains 361,000 sf of existing office and laboratory space. There is potential for an additional 100,000 to 200,000 sf of space. The borrower plans to redevelop the site for biotech laboratory use over the next four years. Douvadjian notes that the company is in the process of getting its construction permits from the town.
Raytheon is in the middle of building its new 150,000-sf headquarters at the Waltham Woods Corporate Center in Waltham, MA.
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