Major Redevelopment Begins at Riverview Technology Park in Billerica, Massachusetts

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Hackman Capital and Calare Properties announced today that construction has officially begun at Riverview Technology Park.

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Hackman Capital and Calare Properties announced today that construction has officially begun at Riverview Technology Park. Located on the Concord River, just 30 minutes north of Cambridge's bustling life-science community, the 130-acre park will be undergoing major redevelopment, and the site's largest facility at 495 Woburn Street will be completely transformed.

"Once renovations are completed, the already-modern campus will become a premiere high-tech hub for state-of-the-art research and development, manufacturing and corporate office users," said Michael Hackman, founder and CEO of Los-Angeles-based Hackman Capital. "There is an ever-rising demand for world-class space in suburban Boston, and Riverview Technology Park will meet that need."

Riverview Technology Park is part of the National Industrial Portfolio, a joint venture among entities formed by Hackman Capital and Calare Properties, in conjunction with KBS Real Estate Investment Trust.

"We are excited to have broken ground at the site," said William Manley, President of Calare Properties. "Our vision is to create a bold new image for the campus, which will attract top-tier global and local organizations looking to leverage the park's strategic location in Massachusetts' high-tech corridor. Riverview Technology Park offers tenants close proximity to some of the most renown research institutions in the world, along with a highly educated workforce in Massachusetts and New Hampshire."

According to Manley, Phase 1 of the multi-million dollar redevelopment focuses primarily on renovations to 495 Woburn Street, one of park's two existing buildings. The 563,322-square-foot facility will gain a dynamic, ultra-modern facade, a striking lobby, a large parking lot, lush landscaping and other upgrades. Phase 1 improvements also will enhance the park’s entrance and roads, as well as boost the site’s infrastructure.

In addition to the soon-to-come changes at 495 Woburn Street and other renovations currently underway at the site, Riverview Technology Park offers park offers 20 acres of prime, fully-prepped land for development, plus a modern 126,000-square-foot facility built in 2001 at 515 Woburn Street. Other campus features include heavy power, town water, convenient highway access and nearby commuter rail.

Key members of the project team include The Boston office of Gensler as the Project Architect, Engineering Design Consultants, civil engineering and local jurisdiction interface; Goldstein Milano, structural engineering; and Integrated Builders, general contracting.

Cushman & Wakefield’s Senior Directors Torin Taylor, Rich Ruggiero and Matt Adams, together with Associate Director Rory Walsh, are the exclusive leasing agents for the facility.

More about Hackman Capital
Founded in 1986 and headquartered in Los Angeles, Hackman Capital is a privately held, asset-based investment firm that focuses on the acquisition of industrial real estate and the purchase and sale of industrial equipment. The firm currently owns, through its affiliated entities, 100 facilities throughout the United States, totaling approximately 18 million square feet and more than 1,300 acres of developable land. Hackman Capital also has conducted hundreds of equipment acquisitions, dispositions, and liquidations on four continents. With more than 26 years of experience in acquisition, redevelopment, and asset management, Hackman Capital is known across marketplaces for its ability to successfully navigate complex transactions and financial restructurings involving real estate and equipment. The company is based in Los Angeles. For more information, visit http://www.hackmancapital.com.

More about Calare Properties
Calare Properties, Inc. is a real estate investment manager serving institutions and high net worth individuals. Since 2000, Calare has organized five private equity funds and several joint ventures to acquire and redevelop value-added real estate investments. Today, Calare has over $150 million of equity under management, which is invested in a diverse portfolio valued at over $600 million. Calare has a proven track record of acquiring, redeveloping, and disposing of underperforming commercial real estate assets. For more information, visit http://www.calare.com

More about Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, fully-integrated on a global basis, including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $5.5 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at http://www.cushmanwakefield.com/knowledge.

For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Manchester, New Hampshire; Hartford and Stamford, Connecticut; and Portland, Maine. To find out more about Cushman & Wakefield, please call 617.330.6966.

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