Waltham-based defense contractor Raytheon Co. is leasing 134,000 square feet of office space at the former Wang Laboratories headquarters in Tewksbury and plans to house 600 employees at the facility.
The new office will span two floors at the Center at Innovation Drive, and Raytheon has expansion rights to create a 135,000-square-foot office across one floor, said Peter Gottlieb, senior vice president at Rubenstein Partners, which owns the building.
While it’s unclear what Raytheon (NYSE: RTN) plans to use the offices for, its Integrated Defense Systems business line is headquartered in Tewksbury and contracts with both the U.S. Department of Defense and more than 50 international customers, according to the company’s most recent annual report. The company’s IDS business line also has “major operations” in Andover, Marlborough, Woburn and Portsmouth, Rhode Island, the annual reports states.
Raytheon will lease 134,000 square feet across two floors at the Center at Innovation Drive in Tewksbury.
“Raytheon is a technology and innovation leader and we’re extremely pleased to announce their new long-term lease at the Center at Innovation Drive,” Gottlieb said in a statement. “By repositioning the Center at Innovation Drive campus, we were able to unlock its hidden value. The campus is a special, differentiated offering in the market, and we are pleased to partner with cutting-edge tenants like Raytheon.”
Philadelphia-based Rubenstein Partners, an investment advisor and fund manager focused on office investments throughout the U.S., bought the 702,800-square-foot former Wang headquarters in 2014 for around $14 million, Gottlieb said. The property includes four adjacent buildings at 200, 300, 400 and 500 Innovation Dr. After acquiring the buildings, Rubenstein invested invested $33 million in interior and exterior renovations, including installing a new facade, entrance and common areas, creating an amenity center with a town-hall style ampitheatre, a fitness center, a cafe and collaboration spaces.
Philadelphia-based Rubenstein Partners invested $33 million to transform the former headquarters of Wang Laboratories in Tewksbury into the Center at Innovation Drive.
“It allows for the downtown amenity level, but at a significant discount on those rents,” Gottlieb said. “We took an R&D facility and created Class A office. … We think it’s really compelling to those big-box users that drive the 495 market.”
The Campus at Innovation Drive has 288,000 square feet of office available to lease. Raytheon’s lease for 134,000 square feet will extend for seven years. The company, the world’s largest missile manufacturer, had $27.1 billion in revenue last year.
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