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MathWorks to Invest $113,000,000 at One Boston Scientific Place, Natick, MA

Posted by Anne on April 25, 2013

NATICK – Ever since the days when it was gushing out Carling’s Black Label beer, the  massive  facility  on Superior Drive that for the past 20 years has served as home to
buildingBoston Scientific Corp. has been a stalwart of  commerce for the Natick/Framingham submarket. In between its brewery and medical devices phases, the 50,000 sf complex was home to Prime Computer before that  mid-1980’s firm  disappeared from the corporate landscape.

Now,  however,  a  new  chapter  is being written on Superior Drive, one that only adds to its eclectic history, and a portion that has had an extended  prologue  given  that  the  deal involving Software concern MathWorks as new owner was initially   announced   last   autumn   when Boston Scientific unveiled plans to consolidate operations in Marlborough at a company  owned  campus.  The delay came when MathWorks signed a sale/leaseback to give Boston Scientific time to complete a new building in Marlborough.

Besides the city of Marlborough, which also attracted the TJX Cos. last year to invest in a major project there, one beneficiary of the Natick deal is R.W. Holmes Realty Co., a Wayland based real estate services firm and exclusive agent for the buyer.  Along  with  Boston  Scientific advisor  William  Bailey  of  Jones  Lang LaSalle, R.W. Holmes President Garry Holmes waited patiently and quietly over the past several months as the Natick portion of the Boston  Scientific plan worked its way through, finally culminating in the $55 million conclusion this past week.  Prior to its closing, the firm was bound by a confidentially agreement restricting any discussion.

According   to   Holmes,   MathWorks intends to develop a second major facility on the Boston Scientific campus that sits along Route 9. In total, $113 million will be spent for acquisition, fit out and renovation of the facility, including a new parking garage to add spaces for 400 vehicles. “MathWorks has committed to adding 600 new full-time jobs at the proposed expansion site on Superior Drive, making it one of the largest job creation projects in the state,” conveys Holmes, further noting his client’s  agreement  to  keep  its  current employee  roster  of  1,875  people  at  the Apple  Hill  headquarters.  All told, Natick will have more than 2,650 MathWorks employees.

Holmes has played a significant role in the  MathWorks  space   strategy  over  the years, with the fast-growing software concern  that  serves  both  education  and research  sectors  displaying  a  voracious appetite  for  real  estate  since  he  found them   their   first   space   allowing   the founders to  “move out of their garage” 20 years ago, Holmes recalls as he assists the group  in  finalizing  permits  for  what  will soon be a total footprint of 1.1 million sf.

Observers  maintain  subtle  inquiries from MathWorks over the years regarding the  Boston  Scientific  campus  may  have led the owner to pursue the Marlborough consolidation,  knowing  the  Natick  site would not have to be carried for any period  of  time.  Holmes declined to discuss what the seller was thinking when opting to harvest the complex, but concurs that having MathWorks in play proved prescient for locals.

“The town was delighted,” says Holmes. Superior Drive “makes up a  lot  of  the town’s real estate, and to have that filled by MathWorks when it could have sat their empty has to be a big relief for them . . . It’s a great solution for everyone.”

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