National Amusements Purchases Temporary Headquarters on University Avenue-August 22, 2006

Massive theater chain National Amusements—operator of 1,500 screens—has acquired a temporary corporate headquarters in Norwood, purchasing a 64,542-square-foot office building located at 846 University Ave. for $9.4 million. The move accommodates the company while its longtime Dedham headquarters is demolished to make way for the ambitious Legacy Place lifestyle mall project.

According to real estate brokerage NAI Hunneman Commercial of Boston, which represented the buyer, the University Avenue property proved an ideal fit for a seamless transition due to its close proximity in neighboring Norwood. CB Richard Ellis/New England represented the seller, real estate company Maric Inc. Built in 1985, the modern office building had remained vacant since New York Life Insurance relocated to 690 Canton St. in Westwood over a year prior. National Amusements spokeswoman Wanda Whitson did not immediately disclose specific timelines regarding the length of the temporary stay.

The relocation is driven by the large-scale redevelopment of National Amusements’ 47-acre parcel at the southern end of Route 128 in Dedham. Partnering with developer New England Development of Newton (owners of the Chestnut Hill Mall and builders of The Shops at Five in Plymouth), the site is being transformed into Legacy Place, a 600,000-square-foot open-air lifestyle center anchored by a 16-screen National Amusements multiplex, along with marquee retailers such as L.L. Bean, Anthropologie, and New England’s largest Whole Foods Market. Project developers are targeting upscale shopper demographics, noting that approximately 204,000 residents with an average household income of $88,000 live within a five-mile radius of the Dedham property, with a grand opening anticipated for the following fall.

Simultaneously, Legacy Place faces regional retail competition from rival developers proposing the massive 4.5-million-square-foot Westwood Station project nearby on University Avenue in Westwood. There, Boston-based Cabot, Cabot & Forbes has accumulated 135 acres of industrial land to plan over 1 million square feet of shops, offices, and housing.

Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger

More Norwood Business History

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