$80-Million Wang Complex Sells for $525,000
Wang Laboratories Inc.’s $80-million office complex in Lowell has been sold at auction for a mere $525,000.
Buyer Lou Pellegrine refused to say whom he represented or what is planned for the three 14-story buildings.
Four bidders registered for the sale, plunking down $100,000 for the right to take part.
“We’re not disappointed. This was how much the property was worth today. The market establishes the value,” said Frank J. Ryan, vice president for corporation communications for Wang.
The complex cost about $80 million to build but is now assessed at $20 million, Lowell Assessor Sean McFadden said.
The sale sheds the last vestige of Wang’s bloated former self. The company went into bankruptcy in 1992 after it missed out on the personal computer revolution. It has transformed itself chiefly into a software and services firm.
