Tech Giant Philips to Move to Cambridge, Leases 242,000 SF at Cambridge Crossing

CAMBRIDGE, MA–Philips, an international health technology giant, is moving to 250 North Street (Parcel J/K) which is part of the first phase of Cambridge Crossing (CX), a 45-acre mixed use development site owned by DivcoWest spanning Cambridge, Somerville and Boston (formerly NorthPoint).

This is the first lease for commercial office space at Cambridge Crossing.

Philips has executed a long-term lease for 243,000 square feet and will relocate its [innovation and commercial health care technology teams] from Andover, MA as well as its existing Cambridge-based North American Research Center to the new building.

Formerly a rail yard, CX will be a new mixed-use neighborhood with research facilities, residential units, and retail amenities in a compact, walkable, and transit- and bicycle-friendly plan that will become an integral part of the existing East Cambridge neighborhood.

The site will be directly served by two MBTA transit lines including the new Lechmere Station, part of the Green Line Extension which recently received a notice to proceed by the Federal Government.

Cambridge Crossing is adjacent to Kendall Square and centered within one of the highest concentrations of talent and intellectual capital in the world.

At full buildout, CX will be comprised of approximately 2.1 million square feet of state-of-the-art science and technology space, approximately 2,400 new residential units in addition to approximately 2,500 existing units, and approximately 100,000 square feet of retail thoughtfully curated to deliver a unique and local neighborhood experience.  The project will also include approximately 11 acres of activated public open spaces, highlighted by a central common area.

DivcoWest and its predecessor, DivcoWest Properties, were founded by Stuart Shiff in 1993. DivcoWest is an experienced, vertically-integrated operator, owner and asset manager. DivcoWest has approximately 110 employees across corporate offices in San Francisco, Los Angeles, and Boston. Since its inception, DivcoWest and its predecessor have acquired more than 110 investments – in excess of 425 buildings or 40.2 million square feet of commercial space – primarily throughout the United States, including over 5 million square feet in Cambridge and Boston. DivcoWest’s real estate portfolio includes existing and development properties consisting of office, R&D, lab, industrial, retail and multifamily.

Related News

Comments are closed

Boston Real Estate News 2015 All rights reserved