EAST CAMBRIDGE, MA –After years of pre-development planning and permitting, and with interior demo and abatement nearing completion, the joint venture of Leggat McCall Properties and Granite Properties announced that capital funding has been secured for the full redevelopment of 40 Thorndike, a 475,000 square foot, 20-story project located in East Cambridge scheduled for delivery in fall 2023.
CBRE Global Investorsone 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.”
Designed by Elkus Manfredi Architects and being constructed by John Moriarty & Associates, the ground level of the reimagined building will feature a thoughtful series of activated storefronts and intimate public landscaped space for the enjoyment of the Cambridge community and future building employees and residents.
The majority and upper floors of the new building will offer office space planned for Kendall Square-connected businesses, while floors 2 and 3 will accommodate 48 affordable apartments with a separate residential entry on Third Street.
Comprised of a city block, the project is designed with a commitment to sustainability and wellness to achieve LEED Gold certification. Class-A amenities, including a childcare facility, fitness center, a south facing pocket-park and multiple outdoor deck spaces, and an adjacent indoor farmers market will support its resurrection as a prominently located community asset. Spanning 475,000 square feet across 20 stories, the building will also be a formidable presence on the city skyline with superior views of Boston, Cambridge, and the Charles River.
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.
Just a 5-minute walk from the new Lechmere station and 13 minutes from Kendall/MIT station, 40 Thorndike has unparalleled access to the MBTA, boasts a 94 bike score and will provide 130 indoor bike spaces. The neighborhood is just 8 minutes from I-93 and 12 minutes from I-90 and will have 362 parking spaces serving its tenants.