Braintree-based developer Campanelli has acquired 100 Technology Center Drive in Stoughton, a 186,000-square-foot class A office building near Route 24.

The purchase price was $9 million, according to a deed filed with the Norfolk County Registry. The building has been vacant since the March 2013 departure of anchor tenant Shaw Group.

The property had an outstanding mortgage balance of $37.6 million as of November, according to debt researchers Trepp. The delinquent loan which had been transferred to special servicer CW Capital Asset Management in 2013 was resolved in December as a 100-percent loss, according to Trepp.

“While leasing interest from larger prospects has increased slightly as the more desirable Quincy/Braintree submarkets are filling up, the building has been unable to make prospects’ short lists due to its lack of amenities and public transportation,” Trepp wrote in a research note.

Campanelli said it plans a multimillion-dollar rebranding campaign with updates to infrastructure and common areas, a redesigned main entrance, new lobby finishes and a new cafe and fitness center. Other new amenities will include meeting and conference space and gaming areas. Exterior upgrades include patio seating with wifi, a fire pit, grilling station and multi-spot court.

NAI Hunneman’s David Ross represented the seller, 100 Technology Center Drive Holdings LLC, an affiliate of CW Capital.

Newmark Grubb Knight Frank’s Mike Frisoli and Tyler McGrail have been named exclusive leasing agents.

The property was originally developed in 1988 as Reebok International’s world headquarters.

Campanelli Acquires 100 Technology Center Drive For Turnaround Project

by Steve Adams time to read: 1 min
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