bms buildingWALLINGFORD: Massachusetts-based , Calare Properties, real estate development company  firm has purchased the Bristol-Myers Squibb property for $5 million, the property has a $46 million assessment from the town..

Calare said that it sees “exciting leasing potential for both office and pharmaceutical/biotech tenants as well as new development opportunities for a variety of uses including industrial.”

The company announced in 2015 it would be closing the Wallingford Campus by end of 2018 as part of a company wide reorganization. Employees will be offered positons in Cambridge, MA and New Jersey facilities to Cambridge.

The property is a 915,000-square foot office and research and development facility on 180 acres.

“5 Research Parkway provides an unparalleled opportunity for companies in the pharmaceutical, biotech, manufacturing, healthcare and service industries seeking a facility in the southern Connecticut region,” Calare CEO Bill Manley said in a statement.

BMY and Wallingford have been in a dispute over the assessment for the property.