Binswanger Negotiates Long-Term Lease to Major Green Energy Manufacturer in New Bedford, Massachusetts

• Press Release
• Source: Binswanger
• On 10:07 am EST, Monday November 17, 2008

NATICK, MA--(MARKET WIRE)--Nov 17, 2008 -- On behalf of MultiLayer Coating Technologies, Binswanger is pleased to announce the negotiation for a long-term lease of the 257,066 sq. ft. (NB6) building in the former Polaroid complex to Konarka Technologies, Inc. The photovoltaic technology company will operate the world's largest roll-to-roll thin film solar manufacturing facility at 100 Duchaine Boulevard in New Bedford, Mass. The transaction was valued at over 10 millon dollars.

Konarka will utilize the fully operational, state-of-the-art printing capabilities at the New Bedford facility to produce its new Power Plastic®, a material that converts light to energy. The Lowell, Massachusetts-based company is launching an aggressive plan to commercialize its polymer-based organic photovoltaic (OPV) technologies worldwide with this expansion. Konarka plans to hire additional employees over the next few years as production increases toward full capacity, which will be in excess of 107 million square feet of material per year.

The lessor, Watermill Ventures, which owns MultiLayer Coating Technologies, ceased its printing operations at this facility in November of 2007.

Headquartered in Philadelphia, Pa., Binswanger is an international full-service real estate organization with offices worldwide throughout the U.S.A., Canada, Mexico and South America, the U.K. and Europe, the Middle East, and Asia.

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