The Beal Companies and Rockwood Capital Corp. have purchased Kendall Square, a nine-building mixed-use project near the Massachusetts Institute of Technology in Cambridge, Mass., for more than $210 million.
The $210.5 million transaction is the largest transfer of commercial space in the Cambridge and suburban Boston markets this year. The sellers were J. E. Robert Companies and Lincoln Property Company.
The nine-acre 676,440 square foot environment in East Cambridge consists of nine separate buildings plus two storage facilities, the 1,530-car Kendall Square structured parking garage, and the nine-screen Kendall Square Cinema.
Kendall Square is 47 percent lab space, 39 percent office space, 11 percent retail and 3 percent storage. The property’s lead tenants include Genzyme Corp., The Whitehead Institute, Harvard, Amgen, and Charles Draper Labs.
Originally constructed in the late 1890’s as a manufacturing plant for the Boston Woven Hose & Rubber Company, it was redeveloped as today’s urban mixed-use center with a retail plaza, pedestrian walkways and atriums.
The sale was negotiated by the team of Michael Smith, Cappy Daume, Scott Jamieson and Gail McDonough of Spaulding & Slye, a member of the Jones Lang LaSalle group.
Financing was provided by Anglo Irish Bank, arranged by Sonnenblick Goldman.
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