BOSTON–The Bedford Woods office complex, a 330,000-square-foot property at 174 and 176 Middlesex Turnpike in Bedford, MA is heading to auction next week after a planned headquarters relocation by tech firm STR fell through, the Boston Business Journal reported.
According to BBJ reporter Grant Welker, Bedford granted STR a significant tax incentive package last year to entice the company to relocate its headquarters from Woburn. The agreement—approved overwhelmingly by Town Meeting voters—was projected to save STR more than $4 million over 10 years in exchange for leasing the entire site, moving 500 jobs to Bedford, and adding 170 more over five years. As part of the deal, the complex’s owner, Orion Properties, committed to $83 million in site improvements.
However, STR ultimately declined to move forward. With the deal dissolved, the property is now at risk of changing hands. Apex Commercial Exchange has scheduled an auction for Dec. 8, with bids starting at $2 million, BBJ reported. Neither STR nor Phoenix-based Orion Properties responded to requests for comment.
In a statement provided to the Business Journal, Bedford officials said they engaged with STR’s leadership early in the process and crafted the tax agreement to secure the company’s relocation. “Unfortunately, we were told that STR’s plans changed, and they could not take advantage of the offer,” the town said.
Bedford Woods was previously the longtime home of cybersecurity company RSA, now based in Burlington. RSA’s corporate lineage includes its 2006 acquisition by EMC, EMC’s 2016 sale to Dell, and Dell’s 2020 sale of RSA to STG Partners, the Silicon Valley private equity firm led by Bill Chisholm—who also heads the group that bought the Boston Celtics this year.
Property records show Orion purchased the 55-acre campus for $93.5 million in 2012. The interconnected buildings were constructed in 2001.
All information above was reported by the Boston Business Journal.
