BioMed Realty Trust Affiliate Purchases 585 Third Street
You have heard it before. Location, location, location.
Kendall Square, a vibrant neighborhood in Cambridge has been dubbed “the most innovative square mile on the planet,” in reference to its high concentration of startup and biomedical companies.
This past Wednesday, an affiliate of BioMed Realty Trust acquired a 36,000 square foot parcel for $50.5 million, which is over $1,400 per square foot. Even though Cambridge lab and office vacancies have tightened to all-time lows, shrinking to 0.1% in the Mass Ave corridor, the property located at 585 Third Street remained vacant.
According to the Boston Globe, “It’s unclear what BioMed, already a major Kendall Square landlord, will build on the site, but any development is expected to have some sort of cultural or arts-related component.
“For over a decade, we have been working to help make Kendall Square the heart of biotechnology and innovation while simultaneously building a robust community for residents and local businesses alike,” BioMed chief executive Tim Schoen said in a statement. “We look forward to building on this history and facilitating a process that encourages community engagement and input to expand the arts and cultural component in Cambridge.”
The seller was Constellation Charitable Foundation. Following the transaction, Constellation released the following statement.
The Board of Directors of the Constellation Charitable Foundation has announced the sale of its Kendall Square land to BioMed Realty as of this date [8/29/2018]. The Board has decided that the best strategic option is to sell the highly sought-after land, as it carries forward its philanthropic mission in the performing arts.
The work of the Constellation Charitable Foundation will continue as the Foundation explores the possibility of replicating its completed designs for performing arts facilities at another location, identifying appropriate land opportunities and overseeing the construction of such facilities. The Foundation will also continue to: broaden, publish, and disseminate its research results in the design, construction, and operation of state-of-the-art performing arts facilities; consult with colleague organizations in the planning of new, restored, or renovated cultural facilities; and support cultural institutions and community projects which complement the aspirations of the Foundation.
The Constellation Charitable Foundation and staff are deeply grateful to our innumerable colleagues and organizations around the world, including many Cambridge- and Boston-area community groups who have supported and assisted our work thus far. We especially appreciate and thank our many generous donors, and we are immensely grateful to the City of Cambridge for its enduring support over many years. We assure everyone that the inestimable value of past and on-going contributions, both of financial support and of time and expertise, will continue to find rich fruit in our future endeavors