Cross Point

Lowell, MA

Purchased: May 1994

Size: 1.2 million SF

Price: $525,000

Sold: 1998 / $101M

The 1.2 million square foot former Wang corporate headquarters at the intersection of Interstate 495 and U.S. Route 3 in Lowell, Massachusetts presented potential for significant upside at the bottom of the market. 

Eastern co-founders Dan Doherty and Brian Kelly formed a partnership to purchase the property at auction for $525,000. Working with the City of Lowell and the Commonwealth of Massachusetts, the partnership secured tax incentives and increased the operational efficiency of the building, winning a national award for Entrepreneurial Deal of the Year. 

In four years, the complex was transformed into a fully leased, first-class, multi-tenant office tower. In 1998, the property was sold for $101 million, and Eastern garnered national recognition for its highly successful acquisition, redevelopment, and sale of this property.