NEW LONDON, CONN. — Groton, Conn.-based Electric Boat has ended its search for more office space with the announcement that it has reached an agreement to purchase the former Pfizer campus in New London. The submarine builder, which is a subsidiary of Falls Church, Va.-based General Dynamics, plans to use the campus for research and development.
Earlier this year, Electric Boat had announced that it was looking for additional space to accommodate growth in its engineering sector. Pfizer had already announced its plans to vacate its global research headquarters, and the campus, which was already used for research and development, fit in perfectly with Electric Boat's needs.
The property spans 33 acres at 50 Pequoit Ave. It contains three connected office towers totaling 700,000 square feet of office space. In addition, the campus contains 1,800 surface-level and garage parking spaces as well as a child care center and visitor control center situated outside of the secure portion of the complex.
Electric Boat will immediately begin an 18-month phased occupancy that will be done in concert with Pfizer's relocation. Engineers working on the U.S. Navy's next-generation submarine will take occupancy of two floors of Tower C in July. As more Electric Boat staff move in, existing space will be reconfigured to accommodate them.
Electric Boat is investing $99 million in the purchase and renovation of the campus as well as the upgrade of two buildings it owns in Groton. The Massachusetts Department of Economic and Community Development is providing a $15 million grant to fund the project. Since the campus is located within an enterprise zone, Electric Boat may be eligible for a 5-year, 80 percent property tax abatement and a 10-year, 25 percent corporate tax credit.
In remarks, Massachusetts Governor M. Jodi Rell said, “Pfizer's announcement in 2009 that it was vacating its global research headquarters in New London and consolidating operations in Groton created enormous uncertainty throughout the entire community. Today, however, we open a new and important chapter in that same community.”
— Coleman Wood