CB Richard Ellis/New England today announced that Tea Light LLC has purchased the Sylvan Business Center in Danvers, Mass.
The value of the transaction was $16.7 million.
Applied Materials, a supplier of products and services to semiconductor industry, sold the property, which is located at 75 Sylvan St. The site houses a 280,000-square-foot office/R&D complex in three conjoined buildings, which was previously converted from a former Osram Sylvania manufacturing facility. It was originally constructed in 1941 and last renovated in 2001, according to a press statement.
The new ownership team has plans for further changes to the complex.
“Our goal is to create an environmentally responsible private campus,” said Ann Goggin, principal of Tea Light LLC. “To that extent, 75 Sylvan Street will provide onsite recycling, as well as a fleet of onsite bicycles for exercise or personal commuting to the nearby Danvers village center.”
Planned structural enhancements include a new roof, new “green” lighting, as well as an upgraded HVAC system. Amenities in the complex will include a fitness center along with onsite food service.
CB Richard Ellis/New England is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire.