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STONEHAM, MA-Gutierrez Co. filed a proposal with state environmental officials to develop the former Boston Regional Medical Center. The Burlington-based company bought the 41-acre property this spring for $20 million. The Lahey Clinic is an equity partner in the property.

In the proposal, Gutierrez plans a $50-million renovation and expansion of the site, which is located among hundreds of acres of parkland controlled by the Metropolitan District Commission. The development company did not return calls by press time, but the plan calls for developing three new office buildings totaling 540,000 sf of space as well as restoring 300,000 sf of existing space. The property is located off Interstate 93 and Route 28 and in close proximity to Boston and Cambridge. The development company is renaming the facility the Stoneham Executive Center.

Despite the recent downturn in the high-tech sector–and the tens of thousands of sf being offered as subleases by struggling companies–office space in the Greater Boston area is still very tight. Interest in leasing space in the Center has reportedly been high especially among companies looking for large quarters, 400,000 sf and above. Local agents predict that the center will lease in the mid to high $30s per sf.

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