Case | HBS Case Collection | February 1997 (Revised July 2004)

Walden Woods

by William J. Poorvu and Arthur I Segel

Abstract

In 1984, Mortimer Zuckerman and Ed Linde, through their firm, Boston Properties (BP), acquired land in Concord, MA to build a 147,000-square-foot, first-class suburban office building. BP proceeded to go through the permitting and approval process with the town and was ready to commence construction when in August 1988, the state, after considerable lobbying from historic and environmental groups, delayed the project by requiring an environmental impact statement. Environmental groups from around the country continued to organize against BP's development along with a nearby affordable housing development. While the project was delayed, the real estate market collapsed. But by the spring of 1993, the market was beginning to recover and BP had received all necessary permits. Zuckerman and Linde had to decide whether to proceed with the development or sell to the environmental group opposing them, and if they were to sell, at what price.

Keywords: Risk and Uncertainty; Decision Choices and Conditions; Entrepreneurship; Property; Environmental Sustainability; Conflict and Resolution; Real Estate Industry; Massachusetts;

Citation:

Poorvu, William J., and Arthur I Segel. "Walden Woods." Harvard Business School Case 897-070, February 1997. (Revised July 2004.)