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Location: 306 Belmont St, Worcester, MA
Square Feet: 95,000
Acquired: 1999
SOLD: 2004

Located in the heart of New England's rapidly expanding biotech center, this former metal fabrication plant offered a prime location and spacious accommodations for an imaginative redeveloper. Enter Liberty Companies. The company acquired the then 80,000 square foot facility for $3.8 million. Approximately $7 million was invested in renovations and in the addition of a mezzanine floor, expanding the facility's usable floor space to 95,000 square feet. Located across the street, The University of Massachusetts leased a majority of the space for administration and medical use space.

The property was sold to a third party for $13.8 million. Liberty Companies skillfully transformed an old-style heavy manufacturing facility into a modern office complex, adding new value and providing an equity IRR in excess of twenty percent. The completed renovation was awarded the Silver Hammer Award for 2002 from the Worcester Regional Chamber of Commerce for Best Commercial Real Estate Project.