March 5, 2018

MetroWest Daily News building sold for $9.3M to biotech

Zachary Comeau
The former MetroWest Daily News building was cleaned out in December shortly after the staff moved to a smaller Framingham office.

Cambridge life sciences and biotech facility development firm King Street Properties has purchased the former MetroWest Daily News building in the Framingham Technology Park.

The 90,000-square-foot building, surrounded by growing tech and life science firms, was sold for $9.3 million, said Tyson Reynoso, a senior associate at King Street.

The sale price is more than double the $4.4 million that the property was assessed for this year. The building has changed hands four other times since 1995, but never for more than $6.6 million.

GateHouse Media purchased the property in 2006 for $4.6 million, according to land records.

King Street has yet to submit any plans to the city's Planning Board, and Reynoso could not give an expected timeline.

King Street Properties confirmed on Feb. 16 it had agreed to a purchase and sale accord with GateHouse Media, the newspaper's parent company, to acquire the 10-acre property.

According to King Street's website, the company controls 10 large science and laboratory campuses in the Greater Boston area. The Framingham location represents the company's first outside of the I-95 corridor.

The building has been vacant since December, when the shrinking Daily News staff relocated to a smaller office on Speen Street in Framingham. GateHouse also owns the Worcester Telegram & Gazette and Worcester Magazine.

The deed was recorded with the Middlesex County Registry of Deeds on Feb. 27, as was the Conservation Commission's order of conditions relative to the after-the-fact permitting to remove an underground storage tank.


Type your comment here:

Today's Poll How do you use business cards?<>
Most Popular on Facebook
Copyright 2017 New England Business Media