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There has been an exciting announcement about changes in the Waltham office market thanks to the Chicago real estate developer, Hilco Redevelopment Partners, which is a redevelopment arm of Northbrook from the Illinois based Hilco Global.  This group has purchased the 175,000 square foot building at 152 Grove Street in Waltham.  The current plan is to spend up to $30 million to redevelop the property for 2017 occupancy.

Hilco purchased the 8.2 acre property in July for $1.5 million.  The facility is a 1940’s based brick building, and it is expected to be redeveloped into three different office and R&D facilities which will encompass a total of 130,000 square feet of usable space when complete. The project has been named “The Gauge” by Hilco.  The name has its origins in the Standard Thompson Company’s origin.  Standard and Thompson sold temperature gauges for vehicles and also made gauges and other equipment for industrial uses. Standard Thompson Company left the facility in 2009.

A vice president for Hilco Redevelopment Partners stated that the company has become one of the leaders in managing real estate revitalization.  Hilco’s business platform has been said to provide customized and integrated solutions to maximize the value of properties that others believed to be obsolete.

This move into the Waltham office market is not expected to be the last of the revitalization in upcoming months.  Boston Properties is continuing their updating and revitalization of what was the Polaroid campus at 126 Main Street and a revitalization of the 25 acre CityPoint development project.  The Waltham office market is also likely to see changes coming to the 400,000 square foot of office and lab space at 200 Smith Street, as well as a 130,000 square foot development at 100, 200, and 300 Fifth Avenue.

Hilco has named Ben Spera and Andrew Chused as the leaders of their project at 152 Grove Street.  The project is being redeveloped with tenants in the market for Class A office and R&D space in mind.  It is expected the space will be available for new tenants in early 2017.  Designers are Spagnola Gisness & Associates Inc.

If you would like more information regarding office buildings available in the greater Boston market, contact Jeremy Cyrier at jeremy@mansardcre.com or by phone at 617-674-2043.