SUMMARY: Sold two adjacent parcels of the Wang Towers office complex in Lowell, Massachusetts.
CHALLENGE: The property, owned by Aetna Insurance, consisted of two large parcels totaling almost 60 acres. Parcel One was comprised of three interconnecting high-rise office towers of 14 stories each, as well as two 2-story utility buildings and 1,600 paved parking spaces. Parcel Two (45 acres) included a single-story manufacturing building, paved parking for over 2,100 vehicles and a helipad. The challenge stemmed from the fact that the buildings on Parcel One did not have enough parking without the inclusion of the Parcel Two parking lots. However, Parcel One was fee simple ownership, while Parcel Two was an extremely complicated short-term leasehold owned by a number of parties, including the City of Lowell. Buyer financing was virtually impossible because of the nature of the lease agreement relating to Parcel Two.
IMPLEMENTATION: LFC solved the problem by convincing the City of Lowell that tax revenue and jobs were being lost by the City and its constituents each day that the property sat vacant. Subsequently, the City agreed to renegotiate the lease agreement for Parcel Two. The City also agreed to provide the buyer of Parcel One with an option to purchase Parcel Two at a later date. These concessions by the City added tremendous value to the property and produced a win-win situation for all parties.
Shortly thereafter, LFC mounted a regional, national and international auction marketing campaign that brought potential bidders from around the world to the Wang Towers office complex to conduct their due diligence.
RESULTS: Within 45 days of the launch of the marketing campaign, LFC sold the Wang Towers office complex and adjacent property at an open call auction event to a New England investment group. The LFC Group of Companies provided asset management, advertising, public relations, sales and escrow services throughout the course of this very successful marketing campaign.
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We’ve successfully auction marketed and sold commercial real estate and residential real estate for large financial institutions, government agencies, international brokerages, developers, residential builders and private sellers across the globe.