Boston Properties bumps up residential units; $180M sale near Alewife; HubSpot to relocate
The developer Boston Properties plans to build 465 apartments at its 135 Broadway tower in Kendall Square, up from 425, in a change coming to the Cambridge Redevelopment Authority for review on Wednesday.
“The proposed amendment affirms a commitment to accelerate delivery of the full amount of remaining residential” for Kendall’s so-called MXD district, the plans said.
Fifty feet of available height was added to the building in a zoning amendment last fall, and Boston Properties opted to go for all apartments rather than include condominiums, authority executive director Tom Evans said Monday. Apartment tend to be smaller than condos.
The complicated plan to avoid Eversource building on Fulkerson Street in a residential section of East Cambridge, with the Kennedy-Longfellow elementary school and John A. Ahern field right across the street, gave Boston Properties a new 800,000 square feet of development space – a $160 million value, by some accounting. The project replaces the Blue Garage at 290 Binney St. and its 1,136 above-ground parking spaces with 420,000 square feet of housing, a quarter of which is to be priced below market, some open space, and two new commercial buildings of 400,000 square feet that includes retail. The parking will move below ground.
- The Cambridge Redevelopment Authority design review meeting is 2:30 to 4 p.m. Wednesday and will be held virtually. Information is here.
In other development news:
- Spot the congruity as Clarion Partners sells a portfolio of around 185,000 square feet of office and industrial space across tracts of developable land in Alewife for $180 million, as reported by the Bldup real estate platform on Monday. (Around $1,000 for each square foot is what the report suggests.) The portfolio is bound by Concord Avenue and Fawcett and Moulton streets in West Cambridge, centered around 617 Concord Ave. – a tantalizingly empty lot with a lone run-down, single-story structure in the center. The properties were last traded in 2013 for $61 million.
- The relocation of HubSpot is another shoe dropping at One Canal Park in East Cambridge, which changed hands in July for $130 million with purchase papers signed by Arie Belldegrun, chair of the board at Kronos Bio and connected with a number of other biopharma companies over the years. HubSpot, which helps companies attract customers through social media, websites and other electronic means, has terminated its lease at One Canal Park and signed one at the neighboring Two Canal Park, Bldup reported Wednesday. HubSpot plans to take up the building’s 205,000 square feet across four stories.
- The Massachusetts Institute of Technology has secured a mortgage valued at $475 million for its building at 238 Main St., Kendall Square, part of a six-building project. The building, already going up, is expected to have 280,000 square feet of flex lab and office space and more than 27,000 square feet of ground-floor retail – now backed by Met Life, Bldup said Monday.
- A four-story, eight-unit apartment building at 131-133 Spring St., East Cambridge, has sold for $4.3 million, Bldup said Monday. The roughly 7,704 square feet of living space was sold by the Maria F. Mourato Living Trust to CMS Partners at 121 Columbia St., The Port, a developer run by Christopher Shachoy and Robert Moriarty that’s been active around Cambridge over the past quarter-century. The Spring Street property’s assessed value is just $2.7 million, but that’s no more meaningful than its previous sale price: $100 in 2018, according to city records.
- An $11.5 million construction permit has been issued to the Ragon Institute for a parking garage foundation, Bldup reported Wednesday. It marks the start of a major project: The Ragon Institute, an immune-system focused venture of Massachusetts General Hospital, MIT and Harvard, went before the Planning Board in March with plans to move its lab space and headquarters to 600-624 Main St., The Port, from 400 Technology Square in Kendall Square. Plans call for a six-story building of 185,010 square feet. The 1.6-acre site includes two vacant buildings and some parking space – an interesting triangular site provided by the Massachusetts Institute of Technology in a long-term lease.