The landmark Pirelli building at 500 Sargent Drive has been sold to developer Bruce Becker for $1.2 million.
The signature structure, designed by renowned architect Marcel Breuer in 1968 and former U.S headquarters for the Pirelli-Armstrong Tire Co., sits on a 2.76-acre parcel owned by the adjoining Ikea furniture store.
Becker, developer of the 360 State Street apartment building and other projects, has announced his intention to convert the long-vacant property into a boutique hotel and conference center.
In November 2018 building owner Ikea received a green light from the City Plan Commission to convert the building into a hotel with as many as 165 rooms. Since then the retailer had been in negotiations with developer Becker to acquire the property and develop the hotel.
City Economic Development Administrator Michael Piscitelli called the deal “a very important milestone for the city. We look forward to seeing more detailed plans from Bruce Becker, who’s been working to develop a really exceptional project for that building.”
Regarding the property’s prominence and its role in the city’s overall vision for redeveloping the Long Wharf district, “It was very important for us to activate that Ikea site, which [since Ikea acquired the property in 2003] was just a retail plaza, to provide more vibrancy there,” Piscitelli said.
“The fact is that a hotel provides additional room-nights in the city — and we need more available [hotel] rooms,” he added. “It [is] also a distinctive use of the waterfront. It works better than just a commercial office building there.”
