Boston Scientific Corp. will move 800 employees to Marlborough and sell its massive Natick office complex to MathWorks Inc., a fast-growing software company that will nearly double its office space in Metrowest.
The deal marks a significant shift for two of the western suburbs’ most prominent companies, both of which will bring new jobs to their respective communities.
Boston Scientific, a medical devices giant, already has a complex in Marlborough, but the addition of a headquarters building is another boost for the city, which has used tax breaks to help lure several other major companies in recent months.
Quest Diagnostics Inc. is opening a 1,200-employee laboratory in Marlborough, and the retailing giant TJX Cos. is establishing a large office complex there.
“I am thrilled that our community will continue to be part of [Boston Scientific’s] growth for years to come and look forward to the many benefits their success will bring to our city,” Mayor Arthur Vigeant said in statement Thursday.
MathWorks said it will buy Boston Scientific’s 500,000-square-foot complex on Lake Cochituate in Natick, near its own growing headquarters campus on Apple Hill.
The company, which makes mathematical computing software for engineers and scientists, expects to add 400 employees next year, bringing its workforce in Massachusetts to 2,200.
“MathWorks is fortunate to be in a growth mode and is pleased at the prospect of expanding into such a renowned property,” said Jeanne O’Keefe, chief financial officer.
The building it is buying from Boston Scientific was built in the mid 1950s. It formerly housed Carling Brewery and was later redeveloped as the headquarters for Prime Computer Inc. Boston Scientific has occupied the property since 1995.
A real estate specialist said the deal is significant for the jobs it will bring.
“The Metrowest and Interstate 495 markets continue to grow and become a beachhead for major companies,” said Kevin Hanna, a principal at Cassidy Turley in Boston. “This means the continued growth of employment in those areas.”
Marlborough has been particularly successful recently. The city has several large chunks of available office space, making it an easy target for companies looking to expand, and it has offered tax breaks to help land Quest and TJX.
Boston Scientific got state and local tax breaks when it moved some operations to Marlborough in 2006, but it is not getting another deal based on the latest move, an aide to the mayor said.
Also, Boston Scientific on Thursday said it has agreed to buy Vessix Vascular Inc. , a California company specializing in balloon catheter technology. The deal could be worth as much as $425 million.
In recent years, Boston Scientific has cut more than 2,500 jobs worldwide to free up money to buy companies and broaden its business.
The consolidation in Marlborough will take place in phases, starting next spring. Boston Scientific said it expects its employees will leave the Natick facility by mid 2014, when construction of an additional building in Marlborough is to be completed.
The Marlborough complex currently consists of three adjoined buildings that formerly housed offices for Lucent Technologies. The new building will be Boston Scientific’s first addition to the site. A spokesman declined to provide any details about the size or cost of the building, but said construction will begin soon.
“Consolidating our Natick and Marlborough facilities is expected to foster greater collaboration and efficiency, benefitting our employees, our customers, and, ultimately, the patients they treat,” Boston Scientific’s new chief executive, Mike Mahoney, said in a statement.
Boston Scientific said acquiring Vessix Vascular will extend its reach into the market for renal denervation.
“Renal denervation represents a potential breakthrough therapy for the treatment of uncontrolled hypertension and is an important part of the Boston Scientific growth strategy,” Mahoney said.
The agreement calls for an upfront payment of $125 million, plus $300 million in clinical and sales-based milestones aggregating a maximum value of the transaction of $425 million, Vessix said.