140 Kendrick Street
In 1998, Saracen acted as developer for the former Polaroid warehouse at 140 Kendrick Street, Needham, MA on behalf of Wellsford Commercial Property Trust which purchased to property for $14,000,000. Saracen was the largest individual shareholder of Wellsford Commercial Property Trust. Upon closing, Saracen undertook permitting for the redevelopment of the site into a 350,000 square foot master planned corporate park. The project went through the special permit process of the Town of Needham, as well as Mass DEP and waterways approval.
Upon receipt of all entitlements to the project, Wellsford sold the permitted site in August, 1999 for $25,975,000 to Parametric Technology for its corporate headquarters relocation.