With East Cambridge/Kendall Square lab and office rents at record levels and very limited availability, Davis identified West Cambridge as an increasingly attractive market for “spillover” tenants unable to find space in East Cambridge.
We identified and acquired in an off-market transaction a vacant 1980s Office/R&D building with a 356-space parking garage in a prime location, directly adjacent to the Alewife subway station in West Cambridge, minutes from Kendall and Harvard squares via the MBTA, and with excellent highway access to Boston’s western suburbs.
Execution
By retaining the footprint and elements of the existing structure, and limiting the proposed expansion of the building, we were able to pursue a fast-track special permit zoning and entitlement strategy and achieve all approvals needed within six months.
We designed a state-of-the-art Class A lab research facility by redeveloping the existing building, adding approximately 80,000 square feet of space, replacing mechanical systems, improving ceiling heights, and creating a new entry and façade.
We fully leased the building within five months of construction completion and shortly thereafter sold the property to a large public REIT in December 2019 at a sales price of $332.5 million.
