Nov 19, 2019
Construction Continues on Kendall East
Construction is ongoing for the upcoming mix-use project at 107-139 First Street in East Cambridge. The two-building project will include 136 apartments along with 14,800 square feet of ground-floor retail space. Units will range in size from studios through three bedrooms, many featuring private outdoor space. The buildings will share two-level underground garage consisting of 142 spaces and an additional 159 bicycle spaces. An expansive half-acre courtyard will join the parcels, providing green space and stadium seating for the neighborhood. Construction of the complex is expected to be completed in 2021.
Oct 16, 2019
Cambridge Asset Acquired for $11.2 Million
Urban Spaces, a Cambridge-based commercial real estate development company that focuses on mid-sized, transit-oriented projects, has sold its 10,000 square foot, fully-leased retail building to 12 Jayne Road, LLC for $11.2 million, or $1,120 per square foot. The building, located 85-95 First Street, was completed in June 2019 with 4,600 SF of space pre-leased to specialty pet food and supply store Loyal Companion. Paint supply store Sherwin-Williams will lease 2,900 SF when it relocates from its previous location at 73 First Street, and an undisclosed tenant will lease the remaining 2,500 SF upon finalizing negotiations.
85-95 First Street is the third component of Urban’s $275 million investment in the First Street Corridor. The full development will be comprised of over 250 apartments, 50,000 SF of office, 45,000 SF of retail space, and a 23,000 SF of green space upon completion. Urban Spaces completed 121 First Street, a 60,000 SF, five-story, mixed use office/retail building in December of 2018, leasing the entire 50,000 SF office portion to CarGurus, the online automotive research platform and marketplace.
Urban Spaces is currently building Kendall East, a mixed-use apartment complex comprised of 136 units, 14,800 square feet of retail and a half acre of green space located between 121 and 85-95 First Street. Designed by award-winning architectural firm Perkins Eastman, the project is located within the First Street Corridor across the street from CambridgeSide shopping center within minutes of MIT and the MBTA Kendall Square and Lechmere stations.
“The speed of the lease-up and the valuation of the property are further testament to the strength of the Cambridge market and the First Street Corridor,” said Paul Ognibene, CEO of Urban Spaces.
The deal was brokered by the Conviser Property Group.
Sep 25, 2019
Urban Spaces and Diamond Sinacori Break Ground on Downtown Salem Condominium Complex
The joint venture of Urban Spaces and Diamond Sinacori held a groundbreaking ceremony late last week for BRIX, a 61-unit, a mixed-use condominium development in the heart of downtown Salem. Salem’s first concierge building, BRIX will provide downtown Salem with sophisticated urban residences and 3,000 square feet of retail/restaurant space. Located at 65 Washington Street, BRIX is a short walk from the Salem Commuter Rail Station into Boston and just steps from the shops, restaurants, and museums of the picturesque Federal Street District, which is listed on the National Register of Historic Places.
“We’re excited that the former Salem District courthouse will be replaced with a signature, mixed-use building,” said Salem Mayor Kim Driscoll at Friday’s ceremony. “BRIX will bring much-needed housing downtown – some affordable, some market-rate, some new commercial space. This building will be part of our community’s on-going effort to transform the northern part of our downtown to better serve as a welcoming entryway to Salem. It will really make a difference and I am thrilled to see this work starting today.”
Designed by Tise Design Associates of Newton and to be constructed by Groom Construction of Salem, the 110,000 square foot BRIX development will be comprised of eight one-bedroom, 44 two-bedroom, and nine three-bedroom units. Units will range in size from 800 to 1,700 square feet with prices starting in the mid-$400,000 range. Building amenities will include a tranquil roof terrace, club room, pet spa, and fitness studio. The building will also include a two-level parking garage to accommodate 88 vehicles.
“A vibrant city requires an array of housing options and we’re excited to add a new home ownership opportunity to the heart of downtown Salem. The groundbreaking represents the culmination of many years of thoughtful planning. We’re pleased to have achieved this important project milestone and look forward to BRIX contributing to the streetscape and neighborhood,” said Paul Ognibene, chief executive officer of Urban Spaces.
Urban Spaces partnered with Ken Foster, SVP of Commercial Banking and Kevin Rourke, SVP and Commercial Banking Division Head at Salem Five Bank to secure $20 million of debt financing. “With a partner like Urban Spaces/Diamond Sinacori, who has delivered on urban renewal work so successfully in other areas, we’re confident in the project’s potential to deliver a vibrant option for downtown living and retail in the city,” said Foster.
The project also benefited from the Commonwealth’s Housing Development Incentive Program (HDIP) which provides Gateway Cities like Salem with a tool to increase residential growth, expand the diversity of housing stock, and support economic development. BRIX will be the first condominium project to utilize the HDIP program.
BRIX will be constructed on the site of the former federal district courthouse, which had been designed in the “Brutalist” style of architecture and had sat vacant for several years. The foundation of the courthouse will be re-purposed for the project, which will speed up the construction process and reduce the level of disruption to the neighborhood.
BRIX will be constructed using fire-treated wood framing above a steel and concrete podium. The base of the building is a contemporary interpretation of urban storefront design, with stone and steel column covers, fretwork, planter boxes, and awnings. The overall building is designed to adhere to the current historic patterns of Washington Street with retail on the ground floor and residential above, using a combination of brick, metal panels, and stone details. Designed to appeal to young professionals and retiring baby boomers, the units will be marketed exclusively by Charlesgate Realty Group and Salem-based Merry Fox Realty.
Urban Spaces, Diamond Sinacori, and Tise Design Associates previously collaborated on The Lancaster, a 55-unit condominium project in Brighton that in 2016 became the first condominium complex in Boston to earn the coveted LEED Gold certification.
Sep 08, 2019
Foundation Work Underway for Kendall East
Foundation work is moving along for Urban Spaces Kendall East Project. The two-building project will include 136 apartments along with over 14,000 square feet of ground-floor retail space. Units will range in size from studios through three bedrooms, many featuring private outdoor space. The buildings will share two levels of below-grade parking consisting of 142 spaces and an additional 159 bicycle spaces. An expansive half-acre courtyard will join the parcels, providing green space and stadium seating for the neighborhood. Construction of the complex is expected to be completed in 2021.
Jul 16, 2019
Site Work Underway for Kendall East
With demo complete, site work is now underway for the upcoming mixed-use project Kendall East. The 211,000 square foot two-building development will include 136 residential units along with retail space and parking for 142 cars.. An expansive half-acre courtyard will connect the parcels along First, Hurley, and Charles Street providing green space for residents and the neighborhood. Construction of the complex is expected to be completed in 2021.
Jun 06, 2019
Tocci Selected by Urban Spaces as Builder for Kendall East
Tocci is teaming up with Urban Spaces and Perkins Eastman Architects to build a mixed-used development in Cambridge, MA. Following the demolition of several connected commercial buildings, construction has officially begun on Kendall East, the 211,000 SF, two-building development featuring both residential units and retail space. Construction of the complex is expected to be completed in 2021.
When completed, the development will be comprised of two wood frame buildings: one four-story and one six-story, constructed over steel and concrete podium. This tight urban worksite, which encompasses 97-111 First Street, 18 Hurley Street, and 21-29 Charles Street, is a short walk to Kendall Square, Lechmere Station, and Cambridge Crossing. The cumulative 136 apartments will be a mix of studio, one, two, and three-bedroom units, with 16 designated as affordable. The residential structure on First Street will feature five levels of housing, 118 luxury apartment units, and a rooftop deck. Balconies will be included on 28 of the units and two units will also feature patio spaces. The second structure at 22 Hurley Street will include 18 residential units over four stories. Eight units will have balconies and outdoor patio space will be available to all tenants. The buildings will share two levels of below-grade parking consisting of 142 spaces and an additional 159 bicycle spaces. An expansive half acre courtyard will join the parcels, providing green space and stadium seating for the neighborhood. The development will also include a bike and pedestrian mid-block connector linking Charles and Hurley Street.
“We’re pleased to build this great project on a demanding site with an excellent architect and engineering team. Kendall East is the centerpiece of Urban Spaces’s First Street Corridor development and sets the benchmark for Cambridge’s renewal of First Street. Tocci is honored to be building with Urban Spaces,” said John Tocci, CEO of Tocci Construction Corporation.
“With office and lab space in Kendall Square and East Cambridge nearly at full occupancy, the demand for apartments in East Cambridge has never been greater,” said Paul Ognibene, CEO of Urban Spaces. “In addition to the housing and retail, Kendall East will be providing beautiful green space to the evolving First Street Corridor.”
With a blend of residential, retail, and open space, this development is adding vitality to the one mile stretch between the Lechmere MBTA station and Kendall Square, the heart of the Cambridge life science market.
Apr 24, 2019
Demo Wrapping Up to Make Way for Kendall East
Demolition is nearly complete on Parcel B of the First Street development in East Cambridge. Once demo is complete, a new mixed-use complex, Kendall East is set to be constructed on the site. In total Kendall East will include 136 units along with 14,800 square feet of retail space between two buildings. The larger of the two buildings will include 118 luxury apartments and the 14,800 square feet of ground-floor retail. A smaller 18 unit building will be built on the adjacent parcel. The two buildings will share a two-level underground garage with 142 parking and 159 bicycle spaces that will be built underneath a half acre open-air green space. Construction is expected to be completed in 2020.
Kendall East is a vital component of the First Street Corridor, a $275 million development that along with the proposed redevelopment of Cambridgeside will enhance the streetscape between Kendall Square, Lechmere, and Cambridge Crossing.
Mar 25, 2019
Urban Spaces Set to Break Ground on Kendall East Mixed-Use Apartment Complex
Urban Spaces, a Cambridge-based commercial real estate development company that focuses on mid-sized, transit-oriented projects, will begin demolition next week on its former headquarters to make way for Kendall East, a mixed-use apartment complex comprised of 136 units and 14,800 square feet of retail.
The site, which encompasses 99-119 First Street, 18 Hurley Street, and 29 Charles Street, is located across from CambridgeSide, a mixed-use one million square foot shopping center, located within a short walking distance to Kendall Square, Lechmere Station, and Cambridge Crossing.
Designed by award-winning architectural firm Perkins Eastman, Kendall East is set to begin demolition next week and begin construction of the new buildings in April. The larger of the two pet-friendly buildings in the complex will include 118 luxury apartments above 14,800 square feet of ground floor retail and 23 surface parking spaces to support retail.
This parcel was once home to interconnected office and retail buildings (including the Urban Spaces headquarters and Petco). An additional 18 residential units will be built on the adjacent parcel. The two buildings will share a two-level underground garage with 142 parking and 159 bicycle spaces that will be built underneath a half acre open-air green space. The space will include a bike and pedestrian path that will connect Charles and Hurley Street. Construction is expected to be completed in 2020.
“With office and lab space in Kendall Square and the First Street Corridor nearly at full occupancy and Cambridge Crossing signing leases with Sanofi and Phillips for over a million square feet, the demand for luxury apartments in East Cambridge has never been greater,” said Paul Ognibene, CEO of Urban Spaces. “In addition to the housing and neighborhood retail, Kendall East will be providing beautiful green space to the evolving First Street Corridor.”
The complex will be comprised of a four-story and a six-story wood frame building constructed over steel and concrete podium. The 136 apartments will be a mix of studio, one, two, and three-bedroom units, with 16 designated as affordable. Apartment rental service Zumper’s Boston Metro Report for January 2019 rated Cambridge as the most expensive Massachusetts city to rent in, affirming the high demand of the Cambridge rental market.
Kendall East is an integral component of the First Street Corridor, a $275 million development that is adding much-needed vitality to the approximately one mile stretch between the Lechmere MBTA station and Kendall Square – the heart of the Cambridge life science and technology hub – with a blend of residential, retail, office, and open space. When completed, the development will add 53,000 square feet of office space, 50,000 square feet of retail, 250 parking spaces, and over 250 housing units to supply-constrained East Cambridge.
Dec 17, 2018
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.”
Sep 28, 2017
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:
Mar 30, 2017
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:
Mar 16, 2017
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: