WOBURN, Mass.— Cummings Properties has acquired the long-vacant Bedford office and research campus at 174 and 176 Middlesex Turnpike for $5.6 million in a public auction, outbidding several other contenders.
The property, which last sold in 2012 for over $93 million to Texas-based Orion REIT, LP, spans 56 acres and includes two interconnected buildings totaling approximately 330,000 square feet.
Developed in 2001, the site features three- and four-story modern office and research facilities. About 16 acres of the campus are fully developed and usable, while 35 additional acres consist largely of protected wetlands and conservation easements.
“Cummings has a long track record of buying underappreciated properties and making them successful,” said Eric Anderson, president of Cummings Properties. “Because we purchased the property at the right price, we can be highly competitive with our initial rates to attract ideal leasing clients.”
Triple-net lease rates at the Bedford site start at $9.50 per square foot for large tenants. Anderson noted that the company has already conducted tours with several prospective full-floor users and one firm considering leasing the entire two-building complex.
Cummings Properties, headquartered in Woburn, manages 11 million square feet across 12 eastern Massachusetts communities, including office, retail, technical, and medical spaces. Its “Medical City” developments in Woburn and Beverly, which cluster healthcare and professional services, have been particularly successful. Anderson sees similar potential for the Bedford campus, citing convenient MBTA bus service and proximity to regional amenities like Burlington Mall, just two miles away.
In addition to its commercial operations, Cummings Properties maintains a strong philanthropic presence through the Cummings Foundation, established by Joyce and Bill Cummings in 1986. The Foundation distributes $40 million to $50 million annually to charitable organizations in eastern Massachusetts. Since 2016, Bedford-area nonprofits, including The Edinburg Center, Bedford Public Schools, Middlesex Community College, and Nashoba Learning Group, have received a combined $1.625 million in funding.
“We’re excited to bring new life to the Bedford Woods campus and support the community while offering high-quality spaces for business growth,” Anderson said.
