Urban Spaces Secures $44 Million in Financing for Cambridge Office Building from People’s United Bank
Urban Spaces, a Cambridge-based commercial real estate development company which focuses on mid-sized, transit-oriented projects, announced today that it has finalized $44 million in permanent financing from People’s United Bank for 121 First, a 60,000 SF mixed-use office property fully preleased to CarGurus, the largest automotive shopping site in the US. The fixed-rate, long-term financing was arranged by Mike Surprenant, Principal at Goedecke & Co.
“Urban Spaces and People’s United have been working together for several years and this loan expands and strengthens our relationship. 121 First’s prime location in Cambridge’s First Street Corridor, coupled with a long-term lease from CarGurus, enabled us to secure favorable terms and position the building for long-term success,” said Paul Ognibene, CEO of Urban Spaces.
Designed by global architectural firm Perkins Eastman and built by Nauset Construction, 121 First is comprised of 53,000 square feet of office, 7,000 square feet of retail, and 50 parking spaces. The building’s interior fit-up is nearly complete and CarGurus is scheduled to move into their new 50,000 square-foot office space in January 2019. Urban Spaces will also establish its new headquarters at the location by in Q1-2019.
Situated across from the CambridgeSide shopping center and between the MBTA’s Kendall Square Red Line and Lechmere Green Line stations, 121 First is an integral component of the First Street Corridor, a $250 million development being constructed by Urban Spaces. Upon completion, First Street Corridor will include approximately 250 apartments, 53,000 SF of office space, 50,000 SF of retail, and 250 parking spaces, as well as a half-acre of open-air green space.
“We are pleased to expand our existing relationship with Urban Spaces to support their ongoing efforts in transforming the local business community and economy,” said Michael Doody, SVP, Commercial Real Estate, People’s United Bank. “The Greater Boston area continues to see a high demand for office space, particularly in East Cambridge. We are committed to understanding our clients’ unique needs and the local market dynamic, allowing us to act as advisors, facilitating sustainable growth.”
121 First Street spec office and retail building in Kendall Square tops off
A speculative 62,100-square-foot office and retail building located at 121 First Street in Cambridge’s Kendall Square has reached its’ full height of five stories, with concrete floor slab pouring set to begin in the coming weeks. 121 First Street is located just two blocks from Binney Street in the heart of one of the world’s most dominant life science and technology real estate markets, and will contain 48,500 square feet of Class A office space and 10,000 square feet of ground-floor retail space with 52 on-site parking spaces. “East Cambridge continues to be one of the most desirable destinations in the U.S. for both tech and life science companies,” said JLL Managing Director Peter Bekarian in a prepared statement. JLL is the leasing broker for 121 First Street.
Interest in leasing the building’s space has reportedly been high. “A variety of companies ranging from established Fortune 500 to late-stage startups have expressed significant interest for both the office and retail space,” said Paul Ognibene, CEO of 121 First Street developer Urban Spaces, in a prepared statement. “Given the high demand for office space in the Greater Boston real estate market – particularly in East Cambridge – we’re very excited about the building’s prospects.” Per JLL, vacancy for Class A space in East Cambridge is currently below 1%, and rents increased to $84.87 per square foot in the second quarter of 2017, representing a year-over-year increase of 14.4%.
Completion of 121 First Street is expected in Summer 2018. The building will feature a multifaceted facade comprised of stonework, metal panels and solar-ban glass. 121 First Street is located across from the CambridgeSide Galleria mall, steps from the Lechmere MBTA Green Line and Kendall/MIT MBTA Red Line transit stations. The project is the first phase of First Street, a four-phase mixed-use development which will construct approximately 136 residences, 48,500 square feet of office space, 32,550 square feet of retail and approximately 23,000 square feet of public open space. The following is a photograph of 121 First Street, courtesy JLL:
Site work underway at First Street mixed-use development in East Cambridge
Site work has begun at the multi-phased First Street mixed-use development in East Cambridge, with a mattress factory formerly located on the site fully demolished. Foundation work is gearing up on Parcel A, the development’s first phase, which will feature 56,000 square feet of office space and 9,800 square feet of ground-floor retail. The following are photographs of the First Street site:
New Cambridge luxury condominiums completed at The Rand at Porter
Construction of The Rand at Porter, a new mixed-use building in Porter Square featuring 20 luxury condominiums, is now complete. The first resident move-ins are scheduled for the coming months. The Rand’s 5,000 square foot ground-floor retail space is now for lease. The following are photographs of The Rand at Porter:
Two condos remain at Cambridge’s The Rand at Porter
18 of 20 condominiums have been sold at The Rand at Porter, a four-story luxury condominium building opening in December located in Cambridge’s Porter Square. Prices for Rand condominiums started at $600,000 for a one-bedroom unit. Condominiums remaining for sale include a second-floor one-bedroom/one-bathroom unit listed for $665,000 and a fourth floor two-bedroom/two-bathroom unit listed for $810,000. New interior photographs of Rand condominiums can be found above.
The Rand at Porter was constructed using an innovative “modular” approach. Each Rand unit was constructed individually in Maine then transported to Cambridge and stacked above a steel base podium on the Rand construction site in March. The modular approach saved a number of months of construction by allowing foundation and interior work to be performed at the same time. The following is a video of modular construction underway at The Rand:
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