MARLBOROUGH, Mass. â€” A medical testing company has reached an agreement to lease 200,000 square feet of space at the long-vacant Hewlett-Packard site, city officials said Thursday.
Quest Diagnostics, LLC, a New Jersey-based medical testing company, will lease the space from Atlantic Management and open a laboratory facility that will bring about 950 employees to Marlborough immediately with another approximately 250 employees added over the next 15 years, the MetroWest Daily News reported.
Mayor Arthur Vigeant on Monday will ask the City Council to approve a 15-year Tax Increment Financing Agreement for the company, which would give the company a total break on the property taxes it would pay on added value for the first two years and a partial break for the remainder of the agreement.
The property owner, Atlantic Management, is seeking city approval for a zoning overlay district at the site that would allow it to build housing, hotels and retail shops on the site, as well as give the existing office building a substantial facelift.
“It’s a really good move for the city and the city’s economic development goals all around,” said Vigeant’s Executive Aide Michael Berry.
The announcement is the latest item in a string of good news for the west side of the city. In the spring, TJX bought the former Fidelity parcel adjacent to the HP site and has pledged to create 1,600 jobs in the city.