Signaling the continued resurgence of the Metrowest community of Maynard, a New Hampshire developer has agreed to buy a 550,000-square-foot complex once occupied by Digital Equipment Corp., with plans to lease the three-building facility to space-starved office tenants.

According to industry sources, John Wolters will pay an estimated $18 million for the hulking property, which has been owned by Compaq Computer Corp. since that Texas-based firm acquired Digital in 1998. Wolters was unavailable for comment, but Compaq spokesman Michael Babini acknowledged that the Parker Street complex is under agreement.

At this point in time, we do have a letter of intent on the property, and we are working hard on a purchase and sale [agreement], Babini said, although he declined to discuss specifics. Other sources, however, cited the $18 million price tag, and said Wolters is going to peddle the space for $19.50 per square foot on a gross lease basis.

Wolters reportedly beat out several other competitors for the deal, which has also proven to be a coup for Meredith & Grew, the Boston-based real estate services firm that has been hired to market the Parker Street site. Although they were just selected, M&G broker David E. Pergola Sr. said the company is already receiving inquiries about the property, which could be leased to a singleuser or broken up as a multitenanted operation. Leading the lease-up effort with Pergola will be M&G broker Peter Evans.

We’re very enthusiastic about it, Pergola said. Real estate-wise, it’s a nice complex, and it’s really got a very strong location.

Among the strong points, according to Pergola, is the proximity to a talented high-tech labor force, with the communities surrounding Maynard having been a mecca of sorts for such professionals ever since the days when Digital was the town’s leading employer. Prior to its demise in the early 1990s, Digital had occupied several million square feet in the town, including the company’s headquarters in Maynard’s central mill facility, where more than 4,000 people were employed at the company’s peak.

That labor force was considered a key component in the rebirth of the mill complex, which was almost completely vacant until being bought in late 1997 by a partnership of Wellesley Capital Co. and Rosewood Construction Co. From those dire days, from which many believed the 1.1 million-square-foot facility would never recover, the owners and the leasing team of CB Richard Ellis/Whittier Partners have found takers for all except 60,000 square feet at what is now known as Clock Tower Place. Most of the tenants are high-tech companies such as software firms and Internet start-ups who have tapped into the local expertise.

Some brokers familiar with the Parker Street site said they believe it will require significant investment to bring it up to modern standards, but Pergola said the basic infrastructure of mechanical systems and computer capabilities should meet the needs of most high-tech users. Most observers do seem to agree, however, that there will be some improvements required, perhaps new windows, upgraded common areas and extensive landscaping to the grounds.

The buildings physically are not tuned into the bulk of the market, said one broker whose firm had looked at the property. The broker, who requested anonymity, nonetheless said that does not mean Wolters is chasing a white elephant, maintaining that, he may be buying it at a price that will allow him to make the changes he needs to and still turn a profit.

‘No Space’
Insignia/ESG broker Bruce Grean noted that the Parker Street complex is so large it may have difficulty finding a single user, but he added that the space should generate interest overall, even though it is located in what he terms a secondary market.

There’s plenty of demand out there for space, and there really is no space, said Grean. At nearby Nagog Park in Acton, for example, Grean’s firm has received strong interest among tenants for a 95,000-square-foot building that will not become available until next spring at the earliest.

We’re getting people looking at it already, without even pushing the marketing, Grean said. Similarly, he predicted that Parker Street will do well. I’m sure they are getting attention on it, he said.

Indeed, even with some space left over, the owners of Clock Tower are reportedly mulling the idea of developing an additional building at the mill, or on property adjacent to it. While calls to Clock Tower officials were not returned by press time, one real estate professional close to the ownership said that scenario is being considered given the solid response to the project. Many tenants are in need of expansion space, the source said, and at present there is little left to accommodate those requirements.

Maynard Town Administrator Michael Gianotis said last week that he has heard talk of such a plan, but added that no specific proposals have been forthcoming to date. Clock Tower officials did meet last week with the town seeking approvals for structured parking at the mill, with an estimated 500 spaces to be yielded from that project.

As for Parker Street, Gianotis said the town has heretofore been left wanting for answers on the new ownership group. While he has heard that a New Hampshire buyer was involved, Gianotis said Compaq has kept quite about the situation.

There’s been no contact with us at all from any developer or anyone at Compaq in their real estate group, Gianotis said. So far, it’s been a pretty well-kept secret.