BOSTON – March 25, 2015 – The Davis Companies (TDC) announced today that it has executed a 75,077 square-foot full building lease at 16 Crosby Drive at The Xchange at Bedford to MultiPlan Inc., a leading provider of healthcare cost management solutions. The Xchange at Bedford is an eight-building campus totaling approximately 475,000 square-feet located on Crosby Drive in Bedford, Mass. Formerly known as Bedford Business Park, The Xchange at Bedford is conveniently located just three minutes from Burlington and one exit north of I-95/Route 128. The Park provides direct frontage and visibility on Route 3 and is within close proximity to numerous amenities.
TDC has invested significant capital to re-envision and modernize the park into a state of the art office/R&D campus facility which now offers tenants robust new amenities centrally located at the heart of the campus for easy access by tenants across all eight buildings. These improvements include: common meeting space, a 4,700-SF fitness center and yoga studio with showers and locker rooms, added parking, a dynamic 7,300-SF full-service WiFi enabled café and a 3,500-SF outdoor patio with fire pit and newly created 5,200-SF green space. Additionally the renovations include substantial expansion of the window line at Buildings 4, 6 and16 for better access to natural light as well as creation of handsome new building entries that are now much more dramatic and unified in their design.
“The Xchange at Bedford is an exceptionally well-located property that deserved to be reconceived, given how tenants’ needs have changed since its inception. We worked closely with Gensler Architects to re-envision the park in order to create a more campus-like setting and to mitigate some of the park’s previous deficiencies and age. Our goal was to develop a more modern and cohesive community for our existing tenants as well as new ones like MultiPlan. MultiPlan’s decision to relocate to The Xchange at Bedford validates our vision and effort. We couldn’t be more thrilled,” said Cappy Daume, Managing Director for The Davis Companies.
“We considered several locations before deciding on the Xchange at Bedford. The Xchange proved to be the best choice for us: convenient location, great amenities, and a flexible open floor plan that meets our current and future needs. We’re excited to work with The Davis Companies to develop our new office space,” said Bob McKimson, National Facilities Director for MultiPlan.
The Davis Companies is working with CBRE to lease the office park’s remaining 145,000-SF available.
“Bedford and the Route 3 Corridor offer tenants an appealing location, proximity to a myriad of amenities including restaurants and shopping, and a cost effective alternative to high-priced markets such as Burlington and Waltham. The Davis Companies’ extensive renovations cater to the dynamic live-work-play lifestyle that appeals to high caliber companies such as MultiPlan,” said CBRE/New England’s Kerry Olson Hawkins, who represented The Davis Companies in the transaction.
TDC purchased Bedford Business Park, now The Xchange at Bedford, in June 2012, adding to its portfolio of technology-related properties and positioning itself to continue to grow with the state’s evolving tenant base.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested nearly $3.0 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns and manages a real estate portfolio of 12 million square feet across the Eastern United States. For more information on The Davis Companies, please visit https://www.thedaviscompanies.com/.
About MultiPlan, Inc
MultiPlan, Inc. is the industry’s most comprehensive provider of healthcare cost management solutions. The company provides a single gateway to a host of network- and analytics-based solutions for managing the financial risks associated with healthcare claims as well as products that fight waste, abuse and fraud before payments are made. Clients include insurers, health plans, third-party administrators, self-funded employers, HMOs and other entities that pay medical bills in the commercial healthcare, government, workers compensation and auto medical markets. MultiPlan is owned by an investment group led by Starr Investment Holdings and Partners Group.