Worcester Charles River Building Sold To Lab Developer
The five-story former TSI, PerkinElmer and Charles River Laboratories building at 55-57 Union St. in Worcester has been sold.
Jones Lang LaSalle, the Boston-based commercial real estate broker that handled the sale, said Charles River Laboratories sold the property to TDG Union Street LLC of 75 Federal St. in Boston.
City officials confirmed that TDG bought the property for $9.1 million, paying $3.9 million for 55 Union St. and $5.2 million for 57 Union St.
According to the Secretary of the Commonwealth's office, TDG's principal is Brian M. Collins of the Collins Group.
According to Jones Lang LaSalle, Charles River sold the vacant, 160,000-square-foot building to TDG Union Street LLC, which plans to renovate the building to include state-of-the art laboratory space and other amenities to attract life sciences tenants.
The building has been completely vacant since early this year. Charles River moved from the property to space in Shrewsbury after running out of room at the Union Street building.
Jones Lang LaSalle represented both Charles River and TDG. The firm said TDG plans to work closely with the city, which has committed to "a straightforward permitting process," according to City Manager Michael O'Brien.
The building's lobby will be renovated and the building will also be home to a café in addition to tenant-specific improvements. TDG will use Jones Lang LaSalle as its leasing agent for the building, which will be marketed under the name "Redstone Center," as a low-cost alternative for life science, biotech and office tenants in the market, Jones Lang LaSalle said.
The building already has about 20,000 square feet of lab space. Jones Lang LaSalle said that space "rivals those in Cambridge and Lexington" for a fraction of the cost.
Charles River had also previously renovated some building systems.
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