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.
Search BLDUP
Search
BLDUP
for news, projects, and companies to find the information that pushes your business forward.
