Former EMC Building in Westborough Sold By Dell for $12.2 Million
Although it often seems like the biggest and most notable commercial real estate transactions occur in or quite near to the city of Boston, the truth is that the entire Greater Boston region has been experiencing incredible growth in that sector. One only needs to look at the happenings over in Worcester to see this phenomenon in action. Just a few weeks ago, for example, Texas-based Dell sold its former EMC Building for more than $12 million. It remains unclear precisely what the building will be used for in the future, but Boston City Properties is here to keep you in the loop.
EMC Corp., a subsidiary of Dell, had owned the building in Westborough since 2001. For many years, the company leased the building to LabCorp, a diagnostics services firm. However, Dell recently announced that it had sold its subsidiary’s former facility to a local real estate firm for $12.2 million. Located at 3400 Computer Drive, the building is suitable for office space, lab space and research space. Therefore, there is no chance for the building to be used for something like a mixed-use development or anything related to residential.
As for the company that acquired the building at 2400 Computer Drive, Carruth Capital, it is a Westborough-based real estate firm. According to state and land records, the company closed on the purchase of the building on September 18, 2019. Although Carruth Capital isn’t a major player in commercial real estate in the state, it does control a significant percentage of office space in the Worcester area. For example, the company already owns at least two other buildings on Computer Drive, and it also owns an office park that is located across Route 9 from the property in question.
Carruth Capital also states on its website that it controls more than 25 office properties, including master-planned sites and existing sites, in the area. However, the firm has not announced precisely what it plans to do with the property at 3400 Computer Drive. This suggests that Carruth has not yet lined up a major tenant for the property and might even be considering performing renovations or upgrades to the space before proceeding. As soon as Boston City Properties learns more details about what will happen with the property, we will share them here with you.
What does this sale mean for real estate in the Worcester area? With a price tag of more than $12 million, it is safe to say that commercial real estate in this part of the state is starting to explode much like it has been doing in the city of Boston and immediate environs for some time. It could also be a sign that ultra-low vacancy rates in Boston, Cambridge and other hot spots are forcing firms to look further afield for suitable office space. These developments are certain to draw more people to the area, so they will affect local real estate too. Stay on top of it all by connecting with WorcesterRealEstate.com.