National Development Acquires Hewlett-Packard Facility

Thomas Alperin, president of National Development, tells GlobeSt.com that the company expects to close on the deal in April when it will begin marketing the 489,000-sf property at 550 King St. to potential users. "We felt it's very well located and very appropriate for an office or R&D user looking for a significant presence and it was a good buy, well below replacement costs."

Alperin says a confidentiality agreement signed with the seller prevented him from disclosing the price paid for the property but a source familiar with the trade listed the value at about $25 million. "We feel the market is having a reasonable recovery, particularly for users that have 200,000 sf of space needs and felt from a risk return standpoint, it was a good return opportunity."

Alperin says the company is also looking into alternatives including revamping the site into a mixed-use development. Sections of the property currently sit in business, light-industrial and heavy-industrial zones. "We're exploring different ways to use the property so it can be connected with Littleton's town center, so that may mean some mixed-use development." Maren Toohill, planning board administrator for Littleton, tells GlobeSt.com that National Development has not yet had any formal discussions with the town about the site's use but said since it is currently zoned for office, the town would likely support its reuse as an office property.

The property was marketed for Hewlett Packard by Chris Griffin, with Cushman & Wakefield. National Development was self-represented. Hewlett-Packard said last year it would transfer the nearly 800 employees who work at the King Street site to other locations in Massachusetts and New Hampshire.