Contact: John W. Boynton
Tel: 978-369-1982
Fax: 978-369-7396
e-mail: boyfam@aol.com
Worcester, MA, April 14, 1999 Worcester Millbrook LLC, an investor group based in Concord, MA, announced its purchase today of the Thom McAn Building located at 67 Millbrook Street, Worcester, MA. This Worcester landmark served as the headquarters of Thom McAn Shoes from 1965 until 1996 when the company was merged into Footstar Corporation and eliminated its Worcester operations. The property consists of a five story, 270,000 square foot commercial building built in 1920 and an attached one story, 16,000 square foot warehouse on an 11 acre site.
| "We're proud to own this Worcester landmark property," said John Boynton, Worcester Millbrook's managing partner. "It has played an important role in Worcester's business history from its early days as a manufacturing facility for the Bay State automobile, and through thirty years as the headquarters of Thom McAn Shoes. We hope to return it to prominence once again as the Worcester Business Center." |
The brokers for the transaction were Joseph F. Reidy of Maurice F. Reidy & Company in Worcester and Greg Johnson of HG Johnson & Associates of Keene, NH. Pfeufer/Richardson PC, a Cambridge architectural firm has been selected as project architect. The Boynton Company, Inc. of Concord will provide construction and property management for the complex.
Peter Conrad of Concord-based Empire Capital, arranged $3.5 million in mortgage financing for the transaction through The Andover Bank of Andover. Nancy Graham, Vice President of Corporate Lending for the bank and a Worcester native, said, "Andover Bank is bullish on the Worcester market and pleased to be associated with a quality project such as the Worcester Business Center."
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Maurice F. Reidy & Company has been named exclusive leasing agent for the complex. Joseph Reidy, a principal of that firm, said "The Worcester Business Center is one of the most attractive options in the Worcester office market today because it offers newly renovated space, a convenient location, free on site parking, and competitive rents. We're getting lots of interest from value-conscious office users."
Boynton said his firm has received a warm welcome from the Massachusetts Department of Business Development and the City of Worcester. He has been working closely with the City Manager's Office of Planning and Community Development since July of 1998 to discuss specific city and state resources available to assist in the redevelopment of the property. Stephen F. O'Neil, Director of that office, said "This is a major investment and commitment by Mr. Boynton and his partners and we are extremely pleased that they have chosen to invest in the City of Worcester."
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William Purcell, Executive Vice President of the Worcester Area Chamber of Commerce, worked closely with the new buyers during the due diligence process. He said "We're pleased that yet another investor has recognized the business potential of the Worcester marketplace through the commitment of long term capital. The renewal of this important real estate asset is another example of the resurgence now happening in our city."
Worcester Business Center's major tenants are Specialized Software and Solutions 2000, two related computer firms providing Web, e-Business, Y2K, and Database solutions to Fortune 1,000 firms world-wide. Other tenants include AMI Leasing Corporation, the Greater Worcester Board of Realtors, DataCare Corporation, MTS Networking, Inc., CVS Stores, Inc., Rafferty Aluminum Company, the Center for Living and Working, Ultimate Mobility, Inc., and Footstar Corporation.