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Assembly Innovation Park Update 06/30/21

Developer Sued Over Approved 1.5M SF Somerville Labs

New York-based Somerville Office, LP has filed a lawsuit against BioMed Realty and Cresset Development over claims of $22 million in damages regarding development of Xmbly in Somerville.

The suit claims Somerville Office, LP - who sold the 5-7 Middlesex Avenue development site to Cresset Development in 2018 - is owed $22,300,000 as a result of a clause that grants Somerville Office, LP earnouts from property improvements. BioMed Realty purchased the project in January, 2021 for $163 million. 

A 4-phase development featuring nearly 2 million SF of space, BioMed Realty filed plans for an additional 391,200 SF development at Xmbly in June. 

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