Fourteen years after its construction, the vacant building at 900 West Park Drive in Westborough finally has a tenant.
Westborough-based eClinicalWorks has confirmed that it purchased the 193,230-square-foot property, constructed but never occupied, for $21.5 million from storage firm EMC Corp. (NYSE: EMC) The health IT company, which is mainly known for its electronic health record technologies, said it will spend an additional $30 million to complete a build-out at the property.
“It’s a beautiful building with no walls and ceiling and that allows us to do anything we want with it,” said Girish Navani, CEO and co-founder of eClinicalWorks. “It’s a big project … we expect to start and finish it within 12 months if not sooner … we are tight on space.”
The purchase will serve as an expansion of the company’s existing corporate headquarters, located five minutes away at 2 Technology Drive in Westborough. The company said the move will enable it to add another 1,000 employees in Westborough. The company employs around 1,000 people in Massachusetts today.
“I’m very optimistic about where we are today,” Navani said. “I’ve invested in three business lines in the company in the last 24 months. All three of those are growing independently. We’re very optimistic that it’s not just electronic health records, but population health, revenue cycle management and patient engagement … we’re expanding internationally, and if you do that your headquarters still need to expand.”
Worldwide, the company has 4,300 employees, and offices in New York City, Chicago, California and Georgia. The company intends to expand further, both domestically and abroad. Navani didn’t expand on employee targets in the years ahead.
“I look at net of where the business is going, and I expect to double this company over the next four years,” Navani said. “If the headcount also doubles, don’t be surprised.”
Navani said he had been eyeing the EMC building since it was constructed, and he purchased the property within 24 hours of it going on the market. He said the deal was funded with existing capital.
“That’s how we run the company,” Navani said. “The company is very anti tech-startup ... take on a lot of debt, go public, and figure out if an IPO price is worth investors getting out. But we want to build a solid company, build the business…and let it grow 10-to-30 years, not 10-to-30 weeks.”
Navani said the company has no intention of selling shares through an initial public stock offering.