Woburn-based Cummings Properties has made its first acquisition in Andover – and hundreds of employees who participate in the company’s equity program will have a chance to benefit from its performance.

The Woburn-based developer on Tuesday acquired 40 Shattuck Road, a 120,000-square-foot office and R&D building, from original owner and developer Boston Properties for $12 million. The 3-story building at 40 Shattuck Road is 71 percent occupied, with current tenants including Agri-Mark/Cabot Creamery, Woodard & Curran and Caradigm.

The property will become part of Cummings Properties’ employee equity program, which consists of two funds that own two other commercial buildings and securities, CEO Dennis Clarke said. Approximately 200 of the company’s 375 employees participate in the program, he said.

“It’s a chance for people to collectively own commercial real estate through these two company-sponsored vehicles,” Clarke said. “They’re very much operated the way Cummings has managed its other real estate investments over many decades. We look for assets where we can add value through long-term operation and retain a majority of the earnings for reinvestment.”

With the acquisition, Cummings Properties now owns properties in 11 suburban Boston communities with a portfolio of 11 million square feet.