Kendall East Update 09/28/17

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:


121 First Street

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