Normandy Real Estate Partners has announced plans to expand its existing 13 acre office park in Needham to a 41 acre “superpark,” with commercial office space, residential and retail that’s designed to be “a catalyst for creativity.”
Development costs could top $300 million at full buildout, for an additional 450,000 square feet of development, said Mark Roopenian, principal with Normandy Real Estate Partners, who handles development and leasing in Massachusetts.
Normandy Real Estate Partners, based in New Jersey, has a Boston office and is developing what Roopenian calls the Center 128 East office park at 400 First Ave. in Needham. That park is home to a 128 room Marriott Residence Inn and will be the future home of the 290,000 square foot TripAdvisor headquarters, and Normandy Real Estate Partners wanted to leverage the success it has seen at the park.
Normandy Real Estate Partners acquired the 28 acre Needham Industrial Park in late December for $54.5 million. The property spans 507,900 square feet of single and two story office space and for years had been home to one of General Dynamics information systems and technology business units. General Dynamics plans to vacate the property by the forth quarter for new space in Dedham.
The Massachusetts Department of Transportation’s “Add a Lane” project will create a new off ramp from Route 128 that will lead directly into the new superpark.
Roopenian said Normandy Real Estate Partners has the additional capacity to develop an additional 450,000 square feet of space, including an additional headquarters size building or “creative” office space. “Our concept is to make these buildings into something that the market has not seen before in terms of its architecture, the interiors, the level of amenities,” Roopenian said.
About one third of the existing 507,900 square feet will be demolished to make way for residential development, and amenities in the superpark will include fitness centers and up to 20,000 square feet of walkable retail usage.