CAMBRIDGE, MA–BioMed Realty, a Blackstone portfolio company and leading provider of real estate solutions to the life science and technology industries, announced that it has closed on its acquisition of 330 3rd Street in Cambridge, which is the existing Gas Transfer Station (GTS) site owned by Eversource.
This closing is a big milestone for all involved parties and the culmination of many years of planning and design, negotiations with two separate utilities, and construction driven by the BioMed Realty team.
Through this transaction, BioMed Realty successfully achieved two important goals for the Cambridge community, Eversource, and its 585 Kendall project:
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Integrating the GTS site into the urban fabric of 3rd Street has been a long-standing objective of the city and community of Cambridge for many years. The GTS was the last remaining element of Kendall’s industrial past, and facilitating its removal from 3rd Street will allow full use of the overall building lot for 585 Kendall. From an urban planning perspective, the relocation eliminates a large gap in the 3rd Street pedestrian experience and creates a more aesthetically pleasing and functional environment.
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This transaction has secured the entire block for BioMed Realty’s 585 Kendall project, a significant milestone for the Company. 585 Kendall is the culmination of BioMed’s deep-seated commitment to serving as a meaningful community partner. It is an approximately 600,000-square-foot, 16-story lab/office building with a significant arts and culture component. It includes an ongoing activation strategy featuring seasonal, family-friendly lifestyle activities, including dining, outdoor concerts, a canoe and kayak launch, public art, a farmer’s market, a winter market, and a community ice skating rink. 585 Kendall also includes the creation of the long-awaited performing arts center – 585 Arts – offering more than 30,000 square feet of indoor and outdoor public space to be used for performances, artist residencies, rehearsals, and community gatherings.”The relocation of the GTS marks a significant milestone in the evolution of Kendall Square’s urban landscape and is a testament to the perseverance and dedication of all involved parties. Through this transaction, BioMed Realty has achieved not only our goals for 585 Kendall but also the long-standing objective of integrating the GTS site into the fabric of the Cambridge community – after decades of it withstanding development around it. This marks the beginning of a new era of innovation and community engagement for the area. We couldn’t have accomplished this achievement without the support of the City and community,” said Sal Zinno, BioMed Realty, Senior Vice President of Development.
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Added Iram Farooq, City of Cambridge Assistant City Manager: “Moving and right-sizing the Kendall Square gas transfer station is the last piece of the puzzle in executing our planning goal of a vibrant and complete 3rd Street and could not have happened without the partnership of BioMed Realty and Eversource. I am excited for the future this makes possible in the new 585 3rd Street building, which will advance our STEAM and public equity goals by bringing together the arts and science and inviting the Cambridge community to participate.”
