Company expects to be in new building by the fourth quarter of 2003
LEXINGTON, Mass., Sept. 6 /PRNewswire/ -- A new building at the Waltham
Woods Corporate Center in Waltham, Mass., will soon be home to Raytheon
Company's global headquarters. The company will build a new 150,000 square
foot facility approximately three miles from its current headquarters in
Lexington.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020906/NEF009 )
"This move gets us a more modern, efficient and attractive facility at a
lower cost of operation," said Daniel P. Burnham, Raytheon's chairman and
chief executive officer. "Our new headquarters will reflect our position as a
global technology leader."
Raytheon has also sold its Lexington facility to a joint venture among
Atlantic Management of Framingham, Mass., Mohawk Partners of Concord, Mass.,
and Peabody Global Real Estate Partners of New York. The sale of the
Lexington facility is expected to close in the fourth quarter of 2002.
Proceeds of the sale will be used to build the new headquarters.
Raytheon will lease the land for its new headquarters from the
Massachusetts Medical Society. Leggat McCall Properties LLC will develop and
build the new facility. Construction is expected to be completed by the fourth
quarter of 2003. Insignia/ESG acted as real estate advisor to Raytheon in the
disposition and acquisition process.
"I am happy to welcome Raytheon to Waltham and I look forward to a long
and mutually beneficial relationship between the city and the company," said
David F. Gately, mayor of the City of Waltham. "Raytheon's decision confirms
that Waltham is an attractive and highly desirable setting for major
corporations."
The new facility will accommodate the majority of the company's corporate
staff. Employees who do not relocate to the new headquarters will move to
other facilities in Massachusetts.
Based in Lexington, Mass., Raytheon Company (NYSE: RTN) is a global
technology leader in defense, government and commercial electronics, and
business and special mission aircraft.
Contact:
Amy Hosmer
781.860.2423
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020906/NEF009
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
CONTACT:
Amy Hosmer of Raytheon, +1-781-860-2423
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