HILCO REDEVELOPMENT PARTNERS ANNOUNCES INTEGRA TO OCCUPY NEW BRAINTREE FACILITY
On May 11, 2022, Hilco Redevelopment Partners announced that Integra LifeSciences (IART) will occupy 100,000 square feet of newly redeveloped space at 400 Wood Road in Braintree, MA. This facility will manufacture surgical reconstruction devices, contributing significantly to local job creation with at least 150 new positions. The Braintree Town Council approved a tax increment financing (TIF) agreement to support this development. Integra plans to achieve full occupancy by late 2025, aiming to positively impact the local economy.
- Integra LifeSciences will create at least 150 new jobs in Braintree, MA.
- Approval of a tax increment financing (TIF) agreement facilitates significant investment.
- Integra is targeting full occupancy by late 2025, indicating a potential delay in immediate operational capacity.
BRAINTREE, Mass., May 11, 2022 /PRNewswire/ -- Hilco Redevelopment Partners (HRP) announced that Integra LifeSciences, NASDAQ: IART (https://www.integralife.com/home), a leading global medical technology company, will occupy approximately 100,000 square feet of HRP's newly redeveloped state-of-the-art life science space at 400 Wood Road in Braintree, MA. The new space will manufacture surgical reconstruction devices used in the treatment of areas such as hernia repair and breast reconstruction.
HRP purchased the 156,000 square foot property in August 2019 and transformed the site into a state-of-the-art life science building. Braintree Town Council also approved a request from Mayor Charles Kokoros to enter into a tax increment financing agreement (TIF) with Integra, paving the way for the life science tenant to invest significantly into the property and bring at least 150 jobs to Braintree. "I am proud to welcome Integra to our community and look forward to their redevelopment of the vacant property at 400 Wood Road that will allow them to expand their current operations," said Mayor Kokoros. "It has been a top priority of my administration to bring life science companies to Braintree and I am thankful to Hilco Redevelopment Partners for their efforts to bridge the gap between the Town and Integra Life Sciences to bring this to fruition."
Andrew Chused, HRP's Head of Investments, added that "bringing a tenant of Integra's caliber to 400 Wood Road brings our vision of the redevelopment to life. The Town of Braintree's tremendous collaboration and support of attracting life science users to the Town were critical factors in this successful outcome."
Chused continued, "the property's proximity to Boston and the MBTA Redline, major roadway networks, talented workforce and extensive nearby amenities are the cornerstones of future life science innovation at the property."
Integra LifeSciences's Senior Vice President of Operations, Kevin Breeden, said "We are thrilled to relocate our manufacturing site to Braintree. The proximity to our former location in Boston, Massachusetts is important – we value our employees as much as our technology and want to migrate our people with the facility. We also look forward to positively impacting the local economy by creating quality jobs with competitive salaries and benefits."
Integra is targeting a late 2025 full occupancy.
For more information about HRP projects, please visit hilcoredev.com.
About Hilco Redevelopment Partners (HRP):
HRP is a vertically integrated real estate investment and redevelopment company that re-imagines, remediates, and redevelops obsolete industrial sites across the United States with a uniquely holistic approach to development that prioritizes economic, community and environmental sustainability.
HRP's redevelopment expertise ranges from modern logistics and distribution facilities to urban, mixed-use projects, life science ecosystems, and retail uses. HRP strives to transform not only properties, but also the communities surrounding them through a comprehensive approach to community engagement, environmental sustainability, and economic development.
HRP is headquartered in Chicago with offices in Boston, Philadelphia, New Jersey, San Francisco, Alexandria, and Miami. Since inception, HRP has acquired assets now valued in excess of
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SOURCE Hilco Redevelopment Partners
FAQ
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