Office DevelopmentBoston, MA

The Challenge:

  • A 55-acre Superfund site near Boston was marketed for sale by a public authority which wanted the redevelopment in keeping with the area’s manufacturing and R&D history.
  • The site contained a low-level nuclear reactor, groundwater contamination, and every building had significant lead, asbestos and other contaminants, requiring extensive remediation.
  • Steve Corridan was a key member of an out-of-town bid team putting forth an alternative vision for Class-A office space while competing against ten local developers.

The Result:

  • The committee chose the proposal Steve and his colleagues submitted and after purchasing the site, the team worked closely with multiple regulatory agencies to remediate the site while meeting strict architectural and design standards required to qualify for National Historic Tax Credits.
  • Steve coordinated architects, engineers and environmental scientists to convert thirteen different 19th Century industrial buildings into a total of 750,000 square feet of Class-A office space, completing the project on a highly-expedited schedule to take advantage of low office vacancy rates.
  • Steve led the disposition of this asset, positioning it to appeal broadly to both institutional investors and end users, and sold it to an end-user for a total unlevered return of more than 15% on invested capital (debt + equity).
  • The project won many national and regional awards for architecture, remediation, office design and landscaping.

At A Glance 

> $100 million

investment (debt + equity)

> 15%

unlevered return

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