November 2, 2020, 2:20 PM
Today, Boston-based life science developer King Street Properties (King Street) announced that construction has begun on 101 Cambridgepark, a new Class A laboratory building located at 101 Cambridge Park Drive in Cambridge, Massachusetts. King Street is partnering with California-based Healthpeak Properties on the $170 million project, which will deliver in the third quarter of 2022. King Street is the largest locally based and privately held owner/operator of life science real estate in Greater Boston.
King Street Senior Director Tyson Reynoso said, “101 Cambridgepark is our third major life science development project on Cambridge Park Drive. We look forward to delivering best-in-class laboratory space to the Cambridge market and to bringing much-needed retail space to Cambridge Park Drive.”
Newmark Vice Chairman Mark Winters, Executive Managing Directors David Townsend and Juliette Reiter, and Director Catie Tilton are representing King Street in leasing. Architect DiMella Shaffer and contractor Consigli Construction Co., Inc make up the design and construction team.
With 160,000 square feet of office and laboratory space on floor plates averaging 37,000 square feet, the five-story building will be purpose built for life science use. Building amenities will include shower and changing rooms, an on-site Blue Bike Station, an indoor bicycle storage and repair room and a terraced outdoor courtyard. The project features state-of-the-art climate resiliency measures as well as a new pedestrian/bicycle connection between Cambridge Park Drive and the Fitchburg Cutoff bicycle path. The building plans also include approximately 3,000 square feet of retail space at street level with outdoor seating.
Located in the heart of the Alewife life science cluster, 101 Cambridgepark is surrounded by over 40 life science companies. A two-minute walk to the Alewife MBTA station and bordered by the Fitchburg Cutoff bike trail, 101 Cambridgepark offers unrivaled connectivity and proximity to transportation.
Winters said, “This project is extremely well timed by King Street and Healthpeak who continue to expand on their successful track record of life science development. Demand for laboratory space is at an unprecedented level with no existing options of this scale currently available in Cambridge. 101 Cambridgepark will bring much-needed inventory to the market as one of the few big blocks delivering in 2022.”
According to Newmark Research, tenants with immediate space needs are challenged to find options because there is only 65,000 square feet of life science inventory available in Cambridge compared to the 1.7 million square feet of demand.
About King Street Properties
King Street is a private real estate development, investment and management firm focused on serving the complex needs of science-based companies and institutions. Our experienced professionals combine big-company experience with a hands-on entrepreneurial approach to execute its tightly defined mission. Today, we are the largest locally-based and privately-held owner/operator of life science real estate based in Greater Boston with 3 million square feet of science-based projects. Our assets are located in core markets of Greater Boston, New York City and Raleigh/Durham.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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