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.