West Cambridge Listing Includes New Lab Building, Development Options

Full Article: https://www.bankerandtradesman.com/west-cambridge-listing-includes-new-lab-building-development-options/
By Steve Adams | Banker & Tradesman Staff | Jan 22, 2018

75 Moulton St.

A nearly 9-acre commercial portfolio up for sale in West Cambridge offers potential to expand the neighborhood’s flourishing life science cluster and build a multifamily development.

Boston-based Davis Cos. is selling four parcels known as “The Quad,” which includes three existing buildings totaling over 200,000 square feet, and has hired HFF Boston to market the property. Davis Cos. recently completed conversion of an office and warehouse building at 75 Moulton St. into 36,299 square feet of lab space, which is currently available.

The older buildings on Wilson Road and Smith Place are 82 percent leased to Hyperion Catalysis International, Northrop Grumman Corp. and Mount Auburn Hospital. The new owners will have the option of repositioning them as leases expire. A 3.8-acre parcel at 40 Smith Place containing a 36,405-square-foot warehouse could be suitable for a multifamily development or life science conversion, according to marketing materials prepared by HFF.

Developers have successfully positioned West Cambridge properties for life science companies seeking workspaces with lower rents than industry hub Kendall Square and proximity to Alewife station on the MBTA’s Red Line. The 627,000-square-foot Alewife lab submarket’s vacancy rate was just 4 percent at the end of 2017, according to research by Perry Brokerage Assoc.

That prompted Davis Cos. to break ground last winter on Alewife Research Center (ARC), a 223,000-square-foot speculative lab building scheduled for completion this fall at 35 Cambridgepark Drive. The property is attracting strong interest from potential tenants, a real estate industry source said.