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Case Study

Bringing Polaroid’s Big-Picture Redevelopment into Focus

Like the developing image on one of its famous instant snapshots, Polaroid Corporation was changing. The company decided to reposition its six-acre riverside industrial site in Cambridge, Mass., into a high-profile, mixed-use office, research and residential project. Polaroid would retain only its 60,000-square-foot, historically significant administrative office. A team of our development, construction, corporate finance and lease administration professionals collaborated to make Polaroid’s strategic image a reality.

To encourage technology companies, we worked with Polaroid to construct two new first-class biotech buildings totaling 100,000 square feet, then sell them to an investor. We also transformed former factory buildings into 120 residential units, which Harvard University pre-purchased for faculty housing. Finally, we gave the landmark 1930s headquarters building a facelift worthy of its status on the National Historic Register.

The creative redevelopment of the shuttered facility generated more than $85 million of combined income—exactly the picture Polaroid had hoped for.

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