141 Spring Street
Lexington, Mass.
680,000 square feet
In 2003, Patriot Partners, LLC, which consists of a partnership between Atlantic Management, Mohawk Partners and O’Connor Capital Partners, purchased the 96.5-acre site at the junction of Route I-95 and Route 2 in Lexington, Mass. Formerly known as the world headquarters of Raytheon Corporation, a Fortune 500 technology company, the first-class biotechnology park was already zoned for commercial use and was comprised of three buildings totaling approximately 352,950 square feet.
In the Spring of 2004, Patriot Partners sought Town Meeting approval to meet the desired development plan for the site. This included zoning changes to permit biotechnology manufacturing and to create six additional acres of restricted open space, a change in the height requirement for a single building, and a ration change for rooftop structures from 25 percent to 50 percent of the building footprint.
On April 7, 2004, after numerous public meetings and hearings, Lexington Town Meeting Members overwhelmingly supported the approval to redevelop the site. Town Meeting’s approval allowed Patriot Partners to move forward with its master plan for the site, which allotted for 327,000 square feet to be developed, totaling approximately 680,000 square feet for life science and office uses.
With its campus-like setting and close proximity to Boston and Cambridge, Lexington Technology Park is a natural choice for quality biotechnology and R&D companies to expand their offices, research and production facilities. Situated on one of the largest tracts of primarily undeveloped land along Route 128, the campus is considered to be a robust center for regional economic development and job growth.
In the Fall of 2007, Shire Pharmaceuticals, Inc., a leading international biopharmaceutical company, proposed to relocate its world headquarters for the Human Genetic Therapies (HGT) division to Lexington Technology Park. The $394 million development proposal included renovations to the existing facility and the development of three additional buildings, including a state-of the-art manufacturing facility through 2011.
On October 10, 2007, Lexington Special Town Meeting voted to approve a Tax Increment Financing (TIF) agreement with Shire. In the Spring of 2008, Shire officially broke ground at Lexington Technology Park, marking a significant step in revitalizing the park into a world-class biotechnology center. For more information, please visit www.LexingtonTechnologyPark.com.
