Cross Point

Cross Point is an office complex in Lowell, Massachusetts. Formerly named Wang Towers, it is a local landmark, dominating the busy intersection of Interstate 495 (the Boston outer ring road) and U.S. Route 3. It is the third-tallest building in Lowell, after Three River Place and the Kenneth R. Fox Student Union at UMass Lowell.The complex, consisting of three interconnected cement-clad 12-storey towers and other buildings totaling over 1,200,000sqft situated on 15acre, was built by original sole tenant Wang Laboratories as its new world headquarters.Construction began in 1980, and it was completed in stages at a cost of. The buildings served as a demonstration of the rise of Wang Labs and the Boston-area computer technology industry generally, and later as a sign of the rapid fall of the company and industry: Wang Labs entered bankruptcy in 1992, and the property was sold at bankruptcy auction in 1994 for a tiny fraction of its construction cost – $525,000 – in 1994, to Louis Pellegrine, fronting for Atlantic Retail Partners.Atlantic renovated the towers (with the help of tax breaks and a $4 million letter of credit from the City of Lowell) and sold them in 1998 to San-Francisco-based Yale Properties USA and Blackstone Real Estate Advisors, reportedly for over $100 million. The towers acquired new tenants, but business was hurt by the 2000-2001 bursting of the "dot-com bubble", and it was described as being, by 2005, a "ghost town" with an occupancy rate of about 50%.