Education Development Center Relocates Headquarters With $9 Million MassDevelopment Bond
January 13, 2011
MassDevelopment has issued an $8,916,381 bond on behalf of Education Development Center, Inc. (EDC), a global nonprofit that designs innovative programs to address education, health, and economic challenges worldwide. EDC will use bond proceeds to renovate 120,000 square feet in a building in Waltham, which the company plans to lease as its world headquarters. The new building, about a mile from EDC's current Newton location, will house 450 area employees under one roof, and include enhanced conference space and parking facilities. RBS Citizens purchased the bond.
“MassDevelopment is very pleased to be able to help EDC as it addresses education and health challenges across Massachusetts, the U.S., and around the world,” said MassDevelopment President and CEO Robert L. Culver.
EDC will move this fall from its longtime Newton location at 55-57 Chapel Street to 43 Foundry Avenue in Waltham. In addition to its corporate headquarters, EDC also has main offices in New York City and Washington, D.C., and field offices all over the world.
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.