Former Wang site in Lowell to be renovated
A developer has purchased three landmark office towers off Route 3 in Lowell for $100 million and plans to renovate the complex with trendy amenities like nap pods and Pong-Pong tables.
The property, known as Cross Point, once housed the former Wang computer company. It includes a total 1.2 million square feet of office space in the towers one 14 stories high and the other two each 12 stories. It also has 4,000 parking spaces.
Anchor Line Partners of Boston acquired the complex with Farallon Capital Management LLC.
“We’re making a little more than a $10 million investment in the infrastructure of the building to deliver the amenities you’d find in any great tech campus,” said Andrew Maher, founder and co-managing director of Anchor Line. “We’re trying to deliver more of a campus-like feel than a suburban office building feel.”
The planned upgrades include the fitness area, cafeteria, and meeting rooms. Maher said he is also exploring whether to bring a restaurant and pharmacy to the site.
Maher and his colleagues aim to boost the towers’ occupancy from 65 percent to at least 90 percent, serving as many as 6,000 workers. Current tenants include the technology company ARRIS Group and Verizon Communications.
The towers were constructed more than three decades ago for Wang Laboratories, a big technology company that eventually declined and declared bankruptcy in 1992. Two years later, the Wang complex sold at auction for just $525,000.