Image courtesy of Tangram 3Ds
Developer Lupoli Companies’ 2.3 million-square-foot, mixed-use reimagining of an old IBM campus on Interstate 495 now has a major tenant.
Dubbed “King Street Crossing,” the 50-acre Littleton property will play host to Israeli tech firm Hiper Global’s U.S. headquarters. Lupoli announced this week that Hiper is taking 72,500 square feet of space at 550 King St., with company president and CEO Sal Lupoli calling the lease “a pivotal moment.”
Through a spokesperson, Lupoli said the computer hardware provider’s lease included both office space and flex/light assembly space.
Lupoli bought the property for $21 million and secured master plan approval for the project from town officials in the fall of 2021. Plans, dependent on the extension of sewer service to the site, call for 1,089 residential units, 90,000 square feet of R&D and lab space, a 150-room hotel and 115,000 square feet of retail/restaurant space alongside the existing buildings’ roughly 600,000 square feet of office space. The project’s second phase is expected to break ground next year, Lupoli said.
The site sits a short drive from a station on the MBTA’s Fitchburg commuter rail line and a slightly longer drive along I-495 to regional economic hub of Devens and transport arteries Route 3 and Interstate 93, but its main selling point to tenants has been the “town center” atmosphere it plans to create on what were once a sea of parking lots for IBM workers.
“We are excited to join King Street Crossing, which aligns perfectly with our vision for growth and innovation. Sal Lupoli and Lupoli companies are amazing partners. They share our vision for success and support of our employees, customers, partners, and the local community. This development represents more than just office space; it embodies a forward-thinking environment where technology and community converge,” Hiper Global CEO Jim Reinhold said in a statement.
Lupoli Companies was represented by CBRE’s Biran McKenzie and Hiper Global by Blake Baldwin at Cushman & Wakefield.
This story has been updated to include the names of the brokers involved in the transaction.
