Former BP Research Redevelopment

History

BP previously used the site solely for office space. Two prior investment groups failed to close this transaction due to environmental issues associated with the site, as well as the site’s proximity to the operating above-ground storage tank farm.

Development Results

Hemisphere, as part of an investor group, purchased the site from BP and resolved all outstanding environmental concerns. The building was renovated and has been fully leased to ViaSat, Inc., a Nasdaq traded company. ViaSat, a producer of innovative satellite, wireless communications and networking systems, has employed a substantial workforce, consisting primarily of highly-skilled engineering personnel at the property, re-invigorating not only the building but also the municipality’s tax-base.