40 Thorndike Street Update 09/15/21
Financing Secured for Approved 20-Story East Cambridge Project, Kicking off Development
Leggat McCall Properties and Granite Properties have secured construction funding for 40 Thorndike Street in East Cambridge, kicking off full development of the project. With interior demolition ongoing, the project will transform the existing Sullivan Courthouse and Middlesex Jail tower in East Cambridge into a 20-story mixed-use tower to feature 48 affordable units of housing along with nearly 400,000 square feet of technical office space plus retail, restaurant, and community uses.
CBRE Global Investors, one of the world’s leading real asset investment managers with $129.1 billion in assets under management, will join the effort as the project’s equity partner on behalf of one of the firm’s investment funds. Bank OZK, an industry leader in construction financing for marquee properties throughout the U.S., is the project’s construction lender. CBRE Global Investors and Bank OZK’s commitment comes at a time when 40 Thorndike has emerged as the singular custom headquarters office opportunity in the East Cambridge market. JLL arranged the funding as capital market broker and will continue to represent Leggat McCall and Granite Properties as leasing agent for the property.
“Our partnership with CBRE Global Investors and Bank OZK enables us to deliver truly exceptional, modern office space to the most innovative companies in this global hub of ingenuity,” said Rob Dickey, Executive Vice President and partner at Leggat McCall Properties. “The building’s new terracotta and glass façade along with unencumbered 360-degree views will set the tone for a thriving block that also includes 48 new housing units, onsite childcare, retail and outdoor space.”
“With our committed partners, Granite is excited to realize our vision for this transformative East Cambridge project that embodies ESG principles in both its design and amenities,” added Bill Brown, Chief Investment Officer at Granite Properties. “Securing this capital allows us to offer a sustainable, wellness-focused, people-centric work environment designed for collaboration and innovation. Located just a few blocks from Kendall Square, 40 Thorndike’s one-of-a-kind, Class-A office space will be attractive to top talent and businesses serving the area’s most prominent global tech and life science companies.”
Project construction began in 2020 with the initial phase clean-up of the building interior. Phase two construction work recently began on the installation of a new façade with a terracotta and glass skin that will completely modernize the exterior and showcase this prominent East Cambridge building.
The development team will continue to meet regularly with the community to provide updates on construction as they work toward a building occupancy goal of Fall 2023.