By Grant Welker


LOWELL -- Cross Point, the 1.2 million-square-foot tower complex, is reportedly for sale.

The center, which includes two 13-story towers and a 14-story tower, was last sold in 1998 for $110 million. The property, including the building and its 14 acres of land, was last assessed by the city at nearly $90 million, according to city records.

The firm of Cushman & Wakefield is selling the property, the Boston Business Journal reported Thursday. Officials with Cushman & Wakefield and with Cross Point did not return phone calls seeking comment Friday.

The property, by the junction of the Lowell Connector, Route 3 and Interstate 495, was not yet listed on the Cushman & Wakefield website on Friday.

The complex was built in 1979 as the home of Wang Labs, then a powerhouse computer company that later lost market share, filing for bankruptcy in 1991 and later being bought out.

Cross Point is now the home of Motorola, Verizon, AT&T, Parexel and Metropolitan Life, according to owner Yale Properties USA. Earlier this year, MetLife said it would not be renewing its lease at the tower. But the complex attracted software company PlumChoice Inc. from Billerica last October, bringing 200 jobs.

Jones Lang LaSalle lists space available on seven of the towers' combined 40 stories. Each floor ranges from about 28,000 square feet to nearly 37,000 square feet.

The complex hosts enough workers that it includes a fitness center, child-care center and hair salon.


After Wang's bankruptcy, the complex was sold for about $525,000 in a bankruptcy auction to the firm Insight Partners. The city gave Cross Point a property-tax break and a $4 million line of credit, and Insight Partners sold the property in 1998 for $110 million, according to Sun archives.

Yale Properties USA and co-owner DivcoWest put the property up for sale in 2007 when occupancy rates reportedly hit 90 percent, up from a low of around 60 percent less than two years prior. A deal to sell the property for $120 million was close in 2008 but fell through at the last minute.

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