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WALTHAM, MA-In an effort to take advantage of a hot real estate market, Polaroid Corp. is selling its Cambridge Reservoir site here. The 56-acre property has four buildings, designed by I. M. Pei, and has primarily been used by the company as a manufacturing facility.

While the company has struggled in recent years, Skip Colcord, senior manager for corporate communications at Polaroid, tells GlobeSt.com that the company is not selling out of economic necessity. “We felt that the value of the property was not consistent with its use,” he points out. “The ideal use for this property is as first class office space. Given the real estate market right now, this is the perfect opportunity to put this up for sale.”

Polaroid bought the land, in what is now Greater Boston’s strongest suburban office market, and developed it in the late 1960s. The company has continuously owned and operated these office and manufacturing buildings, which total 536,000 sf of space, and currently employs 800 people at the site. Colcord says that Polaroid is still working out where these people will be placed but most likely many will be relocated to various company sites in eastern Massachusetts.

The instant photography company has decided to “let the market determine the price,” according to Colcord, and has appointed Grubb & Ellis as its broker. Jack Kerrigan, a broker with the commercial real estate firm, did not return calls by press time, but has said publicly that the property would bring in over $100 million.

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