St. Mary’s Credit Union has bought a Marlborough building for $7.5 million to serve as the company’s new headquarters.
The credit union plans to move its 70 corporate employees into a 60,500-square-foot building at 46 Lizotte Drive by the end of the year, said Tony Battista, vice president of marketing. This will be the first time St. Mary’s owns a standalone headquarters building, according to Battista.
“It’s important for us to have a building with our name on it,” he said.
St. Mary’s purchased the building from Sunbo Inc., an affiliate of Dallas-based RM Realty. The deal closed June 10.
The credit union has leased corporate office space at 293 Boston Post Road West for the past seven years, Battista said. Prior to that, corporate officers worked out of credit union branches.
Owning its own headquarters building offers both financial and symbolic benefits, Battista said. The Lake Williams Corporate Center building has more space than St. Mary’s currently needs, which the bank plans to lease out.
St. Mary’s, though, anticipates growth in the coming years, Battista said, which will be aided by the large space. The credit union plans to do significant work on the interior – which is pretty much open space now – prior to moving in.
The building at 46 Lizotte Drive was constructed in 2001 and has some 215 parking spots. It was previously occupied by Sun Microsystems.
