Cross Point (Lowell, Massachusetts)

Last updated
Cross Point
Cross Point Towers; northeast side; Lowell, MA; 2011-09-11.JPG
Cross Point (Lowell, Massachusetts)
General information
StatusCompleted
Type Class A office building
Location Lowell, Massachusetts, US
Address900 Chelmsford Street Lowell, Massachusetts 01851
Coordinates 42°36′53″N71°19′29″W / 42.61472°N 71.32472°W / 42.61472; -71.32472
OwnerYale Properties USA
Divco West
Public Sector Pension Investment Board (Canada)
Height168.93 feet (51.49 m) [1]

Cross Point is an office complex in Lowell, Massachusetts. Formerly named Wang Towers, it is a local landmark, dominating the busy intersection [2] [3] of Interstate 495 (the Boston outer ring road) and U.S. Route 3. It is the third-tallest building in Lowell, after Three River Place and the Kenneth R. Fox Student Union at UMass Lowell.

Contents

The complex, consisting of three interconnected cement-clad 12-storey [4] [Note 1] towers and other buildings totaling over 1,200,000 square feet (110,000 m2) situated on 15 acres (6.1 ha), was built by original sole tenant Wang Laboratories as its new world headquarters. [3]

Construction began in 1980, and it was completed in stages at a cost of US$ 60,000,000 (about $182 million [5] in current dollars). [6] [Note 2] The buildings served as a demonstration of the rise of Wang Labs and the Boston-area computer technology industry generally, and later as a sign of the rapid fall of the company and industry:[ original research? ] Wang Labs entered bankruptcy in 1992, and the property was sold at bankruptcy auction in 1994 for a tiny fraction of its construction cost – $525,000 (about $1.04 million [5] in current dollars) – in 1994, to Louis Pellegrine, [6] fronting for One Industrial Avenue Corp (OIAC). OIAC was a partnership conprised of principals Christopher Kelly and Luis Alvarado, along with Brian Kelly, Daniel Doherty and investor Geometry Partners. [7]

OIAC renovated the towers (with the help of tax breaks and a $2.2 million letter of credit from the City of Lowell) [8] [9] and sold them in 1998 to San Francisco-based Yale Properties USA and Blackstone Real Estate Advisors, reportedly for over $100 million. [7] The towers acquired new tenants, but business was hurt by the 2000–2001 bursting of the "dot-com bubble", and it was described as being, by 2005, a "ghost town" [10] with an occupancy rate of about 50%. [10]

Yale Properties bought out Blackstone's share in 2005; in the same year San Diego-based Divco West Properties bought an interest in the property. [11] By 2007 the occupancy rate was back up to about 90%, with major tenants such as Motorola moving in. [10] Yale actively shopped the property, but a 2007 deal to sell it for about $180 million to a consortium led by Davis Marcus Partners [12] fell through. The real estate crash beginning in 2007 put severe strain on the property's finances, [13] but Yale and Divco West (along with Canada's Public Sector Pension Investment Board) retained ownership. In 2012 the towers were about 70% filled [14] and Colliers International was hired to boost occupancy. [14]

The towers were sold to CP Associates LLC for $100 million in 2014. [15] [3]

One of the largest office lease relocation transactions in Greater Boston happened when Kronos Incorporated signed a 500,000 square-foot global headquarters office lease at Cross Point in 2016. [16] [17] This move makes it one of the largest employers in Lowell and the largest tenant at Cross Point with 1,500 employees on a total of 16 floors. [18] [19] CrossPoint’s ownership team and Kronos plan to spend more than $40 million on the design and build of a completely modernized facility. [19]

Notes

  1. ^
    Some sources give 12 or 13 as the number of storeys. Yale Properties gives 14.
    2. Cross Point has a lobby that goes through all three towers. There are twelve floors, in all three towers, above the lobby. Tower 2, the middle one, has an additional floor at the top. It is where Dr Wang's office and other executive offices once were located.
  2. ^
    Many sources give "$50 to $60 million" as the construction cost. The New York Times gives $60 million.

Related Research Articles

<span class="mw-page-title-main">191 Peachtree Tower</span> Skyscraper in Atlanta

One Ninety One Peachtree Tower is a 235 m (771 ft) 50-story skyscraper in Atlanta, Georgia. Designed by Johnson/Burgee Architects and Kendall/Heaton Associates Inc, the building was completed in 1990 and is the fourth tallest in the city, winning the BOMA Building of the Year Awards the next year, repeating in 1998 and 2003.

<span class="mw-page-title-main">Larry Silverstein</span> American businessman

Larry A. Silverstein is an American businessman. Among his real estate projects, he is the developer of the rebuilt World Trade Center complex in Lower Manhattan, New York City, as well as one of New York's tallest residential towers at 30 Park Place, where he owns a home.

<span class="mw-page-title-main">One Liberty Plaza</span> Office skyscraper in Manhattan, New York

One Liberty Plaza, formerly the U.S. Steel Building, is a skyscraper in the Financial District of Lower Manhattan in New York City. It is situated on a block bounded by Broadway, Liberty Street, Church Street, and Cortlandt Street, on the sites of the former Singer Building and City Investing Building.

<span class="mw-page-title-main">17 State Street</span> Office skyscraper in Manhattan, New York

17 State Street is a 42-story office building along State Street and Battery Park in the Financial District of Lower Manhattan in New York City. Completed in 1988, it was designed by Roy Gee for Emery Roth and Sons for developers William Kaufman Organization and JMB Realty. The building is shaped like a quarter round, with a curved glass facade facing New York Harbor. At ground level, large aluminum columns surround a lobby and elevator hall. Next to the lobby was a public exhibition space called "New York Unearthed", which was operated by the South Street Seaport Museum from 1990 to 2005. The building has a total floor area of 525,000 sq ft (48,800 m2); each story was designed for small tenants.

<span class="mw-page-title-main">Frost Bank Tower</span> Skyscraper in Austin Texas

The Frost Bank Tower is a skyscraper in Austin, Texas, United States. Standing 515 feet (157 m) tall with 33 floors, it is the fifth tallest building in Austin, behind The Independent, The Austonian, Fairmont Austin, and the 360 Condominiums. It was developed by Cousins Properties from November 2001 to December 2003 as a class A office building with 525,000 sq ft (48,774 m2) of leasable space. It was the first high-rise building to be constructed in the United States after the 9/11 attacks. The building was officially dedicated in January 2004.

<span class="mw-page-title-main">Market Center (San Francisco)</span> Complex comprising two skyscrapers at 555–575 Market Street in downtown San Francisco

Market Center, formerly known as the Standard Oil Buildings and later the Chevron Towers, is a complex comprising two skyscrapers at 555–575 Market Street in the Financial District of downtown San Francisco, California. It served as the headquarters of the Chevron Corporation until 2001. As of 2021, it is owned by Paramount Group, Inc.

<span class="mw-page-title-main">140 New Montgomery</span> Mixed-use

140 New Montgomery Street is a 26-floor Art Deco mixed-use office tower located in San Francisco's South of Market district, close to the St. Regis Museum Tower and the San Francisco Museum of Modern Art. Constructed in 1925 as a modern headquarters for The Pacific Telephone & Telegraph Co., it was originally known as The Pacific Telephone & Telegraph Company Building or simply the Telephone Building, and, after 1984, as The Pacific Bell Building or The PacBell Building.

<span class="mw-page-title-main">EQ Office</span> Real estate investment trust

EQ Office is a real estate investment company that owns 80 office properties comprising 40 million square feet. The company is owned by funds managed by The Blackstone Group. The company was formerly known as Equity Office.

Windsor Park Mall was a shopping mall located on the northeast side of San Antonio, Texas, off Interstate 35 and Walzem Road. It opened in 1976 and closed in 2005.

Kronos Incorporated was an American multinational workforce management and human capital management cloud provider headquartered in Lowell, Massachusetts, United States, which employed more than 6,000 people worldwide.

<span class="mw-page-title-main">Times Square Tower</span> Office skyscraper in Manhattan, New York

Times Square Tower, also known as 7 Times Square, is a 48-story office skyscraper at the southern end of Times Square in the Midtown Manhattan neighborhood of New York City. Located on the city block bounded by Broadway, 42nd Street, Seventh Avenue, and 41st Street, the building measures 724 feet (221 m) tall. The building was designed by David Childs of Skidmore, Owings & Merrill and developed by Boston Properties. The site is owned by the New York City Department of Citywide Administrative Services, though Boston Properties and Norges Bank have a long-term leasehold on the building.

<span class="mw-page-title-main">Safeco Plaza</span> 50-story skyscraper in Downtown Seattle, Washington

Safeco Plaza is a 50-story skyscraper in Downtown Seattle, Washington, United States. Designed by the Naramore, Bain, Brady, and Johanson (NBBJ) firm, it was completed in 1969 by the Howard S. Wright Construction Company for Seattle First National Bank, which relocated from its previous headquarters at the nearby Dexter Horton Building.

<span class="mw-page-title-main">1095 Avenue of the Americas</span> Office skyscraper in Manhattan, New York

1095 Avenue of the Americas is a 630-foot-tall (190 m) skyscraper in the Midtown Manhattan neighborhood of New York City. It was constructed from 1971 to 1973 to be the headquarters of New York Telephone Company and has 41 floors. The building also served as the headquarters of NYNEX and Bell Atlantic. Kahn & Jacobs designed the tower, which is the 98th tallest building in the city. The original facade was said to be designed to resemble the relays which were commonly found inside telephones of the time.

<span class="mw-page-title-main">Houston Center</span> Office in Houston, Texas

Houston Center is a retail and office complex in Downtown Houston, Texas, United States. It is owned by Brookfield Property Partners and Spear Street Capital, LLC, and operated separately by Jones Lang LaSalle (JLL) and Brookfield Property Management.

<span class="mw-page-title-main">EQT Plaza</span> Major and distinctive skyscraper in Downtown Pittsburgh, Pennsylvania

EQT Plaza, formerly known as the CNG Tower and later the Dominion Tower, is a major and distinctive skyscraper in Downtown Pittsburgh, Pennsylvania. The structure was built for Consolidated Natural Gas, a regional energy company. In 1999, CNG was purchased by Dominion Energy, which moved out of the building in 2007. During the summer of 2009, EQT Corporation moved its corporate headquarters and several business units from the 6-story building EQT had built and moved into in 2005, just across the Allegheny River in the North Shore neighborhood of the city.

<span class="mw-page-title-main">Cullen Center</span> Building complex in Houston, Texas, U.S.

Cullen Center is a skyscraper complex in Downtown Houston, Texas, United States. The complex is now managed by Brookfield Properties. Previously Trizec Properties owned all four office buildings. The complex includes the headquarters of the Houston Fire Department and KBR, and it formerly included the headquarters of Continental Airlines.

<span class="mw-page-title-main">Total Plaza</span> Skyscraper in downtown Houston Texas

Total Plaza is a tower in Downtown Houston, Texas, one block from the Allen Center complex. The building, managed by Brookfield Properties, opened in 1971. The 35-story building, designed by the architect Lloyd, Morgan & Jones, was renovated in 1981 and 1996, and features a mirror-finished reflective glass on its exterior. Each floor has about 24,000 sq ft (2,200 m2), with a total of 847,200 sq ft (78,710 m2). The building is named after its major tenant, Total Petrochemicals USA, a subsidiary of TotalEnergies SE. The complex was formerly the headquarters of the Metropolitan Transit Authority of Harris County (METRO).

The Four Corners Office/Retail Complex is an office complex in Uptown Houston, Texas. The complex, with a total of 395,473 square feet (36,740.6 m2) of office space and 28,290 square feet (2,628 m2) of retail space, sits on 7.5 acres (3.0 ha) of land. The buildings include the 11 story TeleCheck Plaza, the 10 story 5333 Westheimer Road, the 21,120 square feet (1,962 m2) retail tenant building Sage Plaza, the single story 8,800 square feet (820 m2) Savoy Salons, and a 3,892 square feet (361.6 m2) single story Region's Bank with a drive-through. The complex is located at the southwest corner of Westheimer Road and Sage, taking one full square block across the street from The Galleria.

<span class="mw-page-title-main">2 Broadway</span> Office skyscraper in Manhattan, New York

2 Broadway is an office building at the south end of Broadway, near Bowling Green Park, in the Financial District of Manhattan in New York City. The 32-story building, designed by Emery Roth & Sons and constructed from 1958 to 1959, contains offices for the Metropolitan Transportation Authority (MTA). 2 Broadway serves as the headquarters for some of the MTA's subsidiary agencies.

<span class="mw-page-title-main">Alexandria Real Estate Equities</span> American real estate company

Alexandria Real Estate Equities, Inc. is a real estate investment trust based in Pasadena, California that invests in office buildings and laboratories leased to tenants in the life science and technology industries.

References

  1. ↑ "Cross Point Towers". Emporis. Archived from the original on April 9, 2013. Retrieved March 2, 2013.
  2. ↑ "Cross Point" (PDF). (Cross Point Lowell web site). Archived from the original (PDF) on February 26, 2013. Retrieved March 1, 2013. Daily on average, 40,000 vehicles pass Cross Point.
  3. 1 2 3 "Developer spends $100 million on former Wang towers in Lowell - The Boston Globe". BostonGlobe.com. Retrieved 2016-01-15.
  4. ↑ "Cross Point". Properties. Yale Properties. Archived from the original on April 12, 2013. Retrieved March 1, 2013.
  5. 1 2 1634–1699: McCusker, J. J. (1997). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda (PDF). American Antiquarian Society. 1700–1799: McCusker, J. J. (1992). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States (PDF). American Antiquarian Society. 1800–present: Federal Reserve Bank of Minneapolis. "Consumer Price Index (estimate) 1800–" . Retrieved May 28, 2023.
  6. 1 2 "COMPANY NEWS; Wang Headquarters Auctioned for $525,000". New York Times. February 17, 1994. Retrieved March 1, 2013.
  7. 1 2 "Wang Towers team shifts focus onto development". Boston Business Journal. August 14, 2000. Retrieved March 1, 2013.
  8. ↑ Stanton, Cathy (2006). The Lowell Experiment: Public History in a Postindustrial City. University of Massachusetts Press. p. 126. ISBN   978-1558495470 . Retrieved March 2, 2013.
  9. ↑ "Successful Strategy: Cross Point". Lowell Development & Financial Corporation. Archived from the original on October 4, 2013. Retrieved March 2, 2013.
  10. 1 2 3 "Lowell's Cross Point revived, back on block". Boston Business Journal. June 25, 2007. Retrieved March 1, 2013.
  11. ↑ "Cross Point leases 285,000 square feet" (PDF). (press release). Gallen Neilly and Associates. October 24, 2006. Retrieved March 2, 2013.[ permanent dead link ]
  12. ↑ "Agreement close for sale of former Wang Towers". Boston Business Journal. September 3, 2007. Retrieved March 1, 2013.
  13. ↑ "Cross Point faces $86M debt reckoning". Boston Business Journal. August 16, 2010. Retrieved March 2, 2013.
  14. 1 2 Joe Clements. "Colliers Gets the Call at Cross Point" (PDF). The Real Reporter. Retrieved March 2, 2013.
  15. ↑ "Cross Point sells for $100 million". Lowell Sun. Retrieved July 2, 2014.
  16. ↑ "Why Kronos' new Lowell headquarters is now more than half a million square feet". Boston Business Journal. Retrieved December 29, 2016.
  17. ↑ "Kronos to consolidate in Lowell office tower". Boston Globe. Retrieved February 29, 2016.
  18. ↑ "Kronos moving to Cross Point in Lowell". Lowell Sun. Retrieved March 1, 2016.
  19. 1 2 "A major tech employer's lease in Lowell is bigger than expected". Boston.com. Retrieved May 23, 2016.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.