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Update #2

FoxRock Properties Acquires 114 Whitwell Street, Quincy

12/8/2016

QUINCY, MA – FoxRock Properties, a Quincy-based commercial real estate firm that develops first-class work environments throughout Massachusetts’ South Shore, today announced that it has acquired the former Quincy Medical Center property located at 114 Whitwell Street with a commitment to pursuing medical related uses. FoxRock has also been designated as the developer of the former Ross Parking Garage parcel at 1 Parkingway.

The transaction follows Steward Health Care’s decision in 2014 to discontinue operation of the hospital, and their subsequent decision earlier this year to place the property on the market for strategic reuse opportunities. FoxRock plans to work in collaboration with local officials, the neighborhood and other City stakeholders to determine the best future for the property, with a commitment to pursuing medical-related uses.

In connection with its acquisition of the Whitwell Street property, FoxRock has entered into a five-year lease with the Steward Satellite Emergency Facility to continue providing Emergency Room services to the community at the property.

The purchase, announced jointly with Quincy Mayor Thomas P. Koch, also includes an agreement that will give FoxRock the opportunity to develop a major city-owned parcel in the area of the former Ross Parking Garage in the heart of Quincy’s downtown. The designation of FoxRock as the developer for the Ross parcel is part of the City’s framework for public-private partnerships in the ongoing Quincy Center revitalization efforts.

“This is an incredibly important moment for the future of both the Quincy Medical Center property and our downtown. FoxRock has the vision, experience and commitment to this community to bring appropriate medical uses to Whitwell Street and major commercial development to the downtown,” said Mayor Koch. “I am looking forward to working closely with their team, our City Council, and the community on unlocking the potential at both sites.”

FoxRock aims to initiate a cooperative redevelopment process for 114 Whitwell Street that welcomes input from the general public as the firm considers the most appropriate, effective, and productive use for the site moving forward. With that in mind, FoxRock has established a website at www.114whitwell.com in order to facilitate ongoing communication with the community about the property.

“There’s a lot of positive change and redevelopment already underway in the city. We are excited about the opportunity to play a part in that, and continue FoxRock’s commitment to community-oriented commercial development in the South Shore, “ said Chris Reale, of FoxRock. "As a local company, we feel a responsibility to ensure the next chapter for 114 Whitwell Street focuses first and foremost on meeting the needs of our community.”

Located approximately half a mile from the Quincy Center MBTA, 114 Whitwell Street is a 14.9-acre property situated atop President’s Hill, within a thriving neighborhood that continues to benefit from ongoing revitalization efforts. The acquisition of this site follows the City Council’s recent approval of the amended Quincy Center Urban Revitalization District Plan outlining a roadmap for public infrastructure improvements and private investment and redevelopment efforts downtown.

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About FoxRock Properties

FoxRock Properties was founded more than a decade ago with an overarching mission to deliver first-class work environments that drive economic development and community services throughout Boston’s South Shore. The FoxRock team has developed a diverse portfolio of properties comprising over 2 million sq. ft. of medical, office, educational, and industrial space. To learn more about FoxRock, visit www.foxrockproperties.com.

Scott Dragos, Executive Vice President at Colliers International, represented Steward Health Care in the transaction.