"We see so many possibilities for this site and for the Town of Attleboro, given its close proximity to Boston and Providence," says Michael G. O'Neill, founder and chairman of Preferred, in a statement. The initial phase of the plan calls for Preferred to complete the new building, which will be used for all office and R&D personnel and to redevelop a second building to accommodate TI's manufacturing needs. TI would then relocate all of its personnel to the two buildings and Preferred would begin the transformation process on the remainder of the buildings, refitting them to suit office, retail, residential and manufacturing functions.
TI has signed a 20-year lease on the new building, expected to be completed by year-end, and a 10-year lease for an additional 215,000 sf with the redeveloped manufacturing building. Approximately 1,300 TI employees currently work at the site.
Preferred has been actively marketing the property to potential tenants. "This site should hold special attraction for manufacturing companies," says O'Neill, noting that some of the key elements of the campus include the onsite industrial waste water treatment plant, power access, and nearby freight rail service. Headquartered in Conshohocken, PA, Preferred specializes in the redevelopment of underutilized and functionally obsolete real estate, controlling more than eight million sf of commercial assets valued at $1 billion.
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