BOSTON – Skanska USA Commercial Development in Boston announced that it has closed on the development rights to build an already permitted 120,000-square-foot lab/R&D project in Cambridge. The project at 150 Second Street (www.150second.com) is located in the heart of the Kendall Square’s world-leading biotech cluster and will consist of a three-story building with underground parking designed by Elkus Manfredi Architects.
“We are excited about this acquisition as we firmly believe in the market strength and long-term value in Cambridge,” said Mike Pascavage, Executive Vice President and Regional Manager of Skanska USA Commercial Development in Boston. “This is an extraordinary site due to its great amenity base, proximity to transit and biotech tenant demand. We have been actively pursuing projects that align with our core values of operational efficiency and environmental sustainability and this project epitomizes those values.”
Skanska purchased the project from Bent Street Land Company LLC, a private investment partnership sponsored by Spaulding & Slye Investments, which had previously received site plan approval through the Cambridge Planning Board. Jones Lang LaSalle has been retained to handle the agency leasing and property management assignments of the new development. Skanska USA Building will be the construction manager for the project.
Skanska USA Commercial Development, which launched in late 2008, is focused on the development of Class A commercial projects and is committed to delivering sustainable buildings with a minimum LEED Gold certification. Skanska intends to self-finance 100% of the project costs. In addition to Boston, Skanska also has commercial development groups in Washington D.C. and Houston; all three metropolitan areas have strong market drivers in addition to construction units in place.
Skanska USA Commercial Development recently broke ground in Washington, D.C. on a 180,000 square foot, Class-A sustainable mixed-use building located at 733 10th Street, plans to begin construction on an office building in Arlington, Virginia and recently purchased a site in the Galleria area of Houston for a 300,000 square foot office building.
Over the past 20 years, Skanska Commercial Development has delivered more than 10 million square feet of space in the Nordic and European markets.
– Boston S/F News