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The CrossPoint complex in Lowell, at the junction of Interstates 495 and 3, has landed a major tenant: IBM
The CrossPoint complex in Lowell, at the junction of Interstates 495 and 3, has landed a major tenant: IBM

LOWELL — Business machine mega-company IBM has negotiated a deal with Anchor Line Partners to move into four full floors at CrossPoint early next year, filling space vacated by Verizon late last year.

Anchor Line Partners Director of Leasing Peter Dominski confirmed the company’s plans Monday afternoon.

“We’re very excited about IBM obviously,” he said. “It’s an incredible win for the building and certainly for Lowell, so we’re very pleased.”

According to Dominski, IBM will lease 150,608 square feet on the fifth through eighth floors of Tower 3, with plans to move in mid-January 2022. He said talks with the company began about 10 months ago.

Dominski said he wasn’t certain of the number of employees IBM plans to bring to CrossPoint, but “clearly it’s several hundred to say the least.”

He said his understanding is the vast majority will be relocated from the company’s Littleton facility, but he’s not sure whether any will come from IBM’s other Massachusetts facilities.

“IBM regularly assesses our office spaces so that our employees can do their best work in service of our clients,” IBM spokesperson Carrie Bendzsa said in an emailed statement. “We are initiating work to create a modern new experience for our Massachusetts Lab employees in Lowell.”

Commercial real estate firm CBRE is marketing the Littleton facility at 550 King St., with 490,119 square feet across two interconnected buildings, as available for lease.

In recent interviews with Bloomberg and Yahoo Finance, IBM CEO Arvind Krishna indicated the company plans to significantly reduce the office space it occupies in favor of maintaining a hybrid model of work, in which most employees will work part of the week at the office and part of it remotely.

Verizon, which still occupies a significant amount of space at CrossPoint, consolidated its Lowell operations to Tower 2 late last year in a deal that was initiated pre-pandemic, Dominski said. To his knowledge, he said there have been no coronavirus-related downsizes within the facility.

Any time a property gets a firm like IBM, and many of the other reputable and prestigious tenants in the Cross Point facility, “it lends major credibility to the integrity of the asset,” Dominski said.

“We’re just excited to have them at the property, and it continues to add to the incredible list of tenants we have existing there already,” he said.

Dominski declined to release any of the financial details of the deal but noted it was a big transaction that was thoroughly vetted. He said Anchor Line Partners, onsite management at CrossPoint and IBM are working collaboratively to transform the space to suit IBM’s needs.

“They’re fully into the planning process,” Dominski said.

The addition of IBM will bring the CrossPoint towers to about 95% occupancy, Dominski said, leaving only one full floor in Tower 2 and a couple smaller spaces in Tower 3 vacant.

The most recent tenant to enter CrossPoint was Renesas Electronics, which moved into about 17,000 square feet, or about half of the 11th floor of Tower 3, last week, he said.

Kronos, now known as Ultimate Kronos Group following a merger with Ultimate Software last year, remains the largest tenant in the CrossPoint complex. In 2017, the company vacated its Chelmsford headquarters to move into 500,000 square feet across 16 floors at CrossPoint, including the entirety of Tower 1.

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