A building on Coolidge Avenue has been purchased by a firm that has plans to renovate it for office and research & development space.
Edgwater Properties LLC bought the 27,000-square-foot building at 150 Coolidge Ave. in East Watertown for $4.3 million, according to a report by Banker & Tradesman.
The owner said he seeks to attract the type of life science and technology firms that currently reside in Kendall Square in Cambridge and the Seaport in Boston.
Edgewater Principal Mitchell Kassler has an extensive capital improvement program planned for the property, including a new glass front entry feature, a modern facade and build-to-suit office/R&D space. Edgewater has retained CBRE New England E as the property’s exclusive leasing agent. Kassler said he expects the building to attract life science and technology companies in search of lower-cost alternatives to districts like Kendall Square and the Seaport.
The site sits at the corner of Coolidge Avenue and Grove Street across from the Charles River Towers. It was formerly home to Barclay Water Management, which moved to Newton.