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A Woburn defense contractor is seeking tax incentives to relocate its headquarters to a vacant 327,000-square-foot office campus in Bedford.

Woburn-based Systems & Technology Research (STR) is prepared to sign a 16-year lease for the Bedford Woods campus at 174 Middlesex Turnpike, and plans to invest $83 million in renovations of office and lab space, STR Senior Vice President of Operations Dan McCarthy told the Bedford Select Board this week.

STR is seeking a 10-year tax increment financing agreement with the town of Bedford which would reduce its local taxes by approximately $5 million. Under the agreement, STR would create 670 new full-time jobs at the Middlesex Turnpike property, including 500 employees relocating from the Woburn property.

The TIF is subject to approval at the Bedford town meeting in June. The Bedford Select Board voted to recommend approval this week.

The property currently pays approximately $1.7 million in local taxes annually. STR’s relocation would generate approximately $3 million in additional taxes during the 10-year TIF period, Bedford officials estimate.

The two-building campus was completed in 2001 and acquired in 2012 for $93.5 million by Cole of Bedford Ma LLC, an affiliate of the Orion Office REIT.

Brokerage Newmark is representing ownership in its leasing negotiations.

STR’s current headquarters is at 600 West Cummings Park in Woburn.