Assembly Innovation Park Update 01/15/18

Cresset acquires Assembly Row development site for $35 million


Cresset Development has acquired 5 Middlesex Avenue, the site of a proposed 1.9-million-square-foot mixed-use development on which the proponent plans to break ground in 2019, for $35 million. An existing 195,000 square foot office building stands on the property. Cresset plans to complete permitting for the proposed development, which was originally proposed by seller RD Management and would retain the existing building, this year.


The 5 Middlesex Avenue development was a key component of the City of Somerville’s recent submission to Amazon’s headquarters request for proposals (RFP), and would include approximately 1.7 million square feet of office/lab space in addition to residences, retail and hotel rooms. East Boston Savings Bank provided $31 million in mortgage financing towards Cresset’s acquisition of the development site, which is located steps from the recently opened Assembly MBTA Orange Line station and minutes from Interstate 93.

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