Case Study
Waterford Development Corporation combines the unique ability to design, permit, develop, finance and lease both large and small commercial properties. We will develop both raw land and existing buildings with upside potential.
Sepracor Corporate Center
Marlborough, Massachusetts
Sepracor Corporate Center is a 425,000 square foot, first class office and R&D development located on 60 acres of woodlands and meadows bordering the Assabet River and across Rte 290 from the Solomon Pond Mall. From the mid 1990’s to 2000, Waterford Development invested significant time, efforts and funds to obtain all necessary local and state approvals, included extensive work with the Massachusetts Environmental Protection Agency, Marlborough Conservation Commission and other government agencies. In 2000, the site was approved for two class “A” four story office buildings. Waterford entered into an initial development agreement with Sepracor Inc. to build a 192,600 s.f. building to hold their corporate headquarters and extensive research and laboratory space. The building was challenging as the 35,000 sq. ft. of lab space required custom installations of HVAC and redundant safety systems that would not be typical in a standard corporate headquarters facility. Construction began in 2001 and was completed in the fall of 2002. Waterford worked closely with Sepracor, the general contractor, architects, engineers, and city officials to complete a highly desirable corporate campus that was able to meet all of the challenges of combining a research facility within a corporate environment.
In December of 2002, Sepracor exercised its option to purchase the building and remaining land from Waterford. The company subsequently constructed the second approved building which was completed in 2009. The development of the Sepracor Corporate Center was extremely complex both in regards to construction and to the financing of the deal. The financing of the deal required extensive coordination between the equity partner United Gulf Management (the Kuwaiti Royal Family), the owner of the land (Hillside School) and Waterford Development.
