CAMBRIDGE, Mass. — International real estate firm Pembroke has acquired Proto, a highly sought-after multifamily residential property in Kendall Square, strengthening its growing residential portfolio and marking a significant milestone in the company’s global diversification strategy.
Developed by BXP (NYSE: BXP) and opened in 2018, Proto comprises 280 apartments and is currently 95 percent occupied. Located in the heart of Kendall Square, the property sits at the center of one of the world’s most concentrated hubs of technology, life sciences, and academic research.
Proto offers a wide array of resident amenities, including community spaces for socializing and remote work, an onsite concierge, landscaped terrace, fitness center, pet spa, and extensive bicycle storage. The property also features strong sustainability credentials, with LEED Gold certification, electric vehicle parking, and all-electric Energy Star-rated appliances throughout the units.
Edward Johnson, president of Pembroke, said the acquisition reflects changing global expectations around living and working environments. He noted that Proto is Pembroke’s fifth residential acquisition in two years and its first Boston-area purchase since launching its diversification strategy. Johnson added that the transaction holds particular significance as Boston is where Pembroke was founded 28 years ago.
Pembroke continues to pursue multifamily investment and development opportunities across North America, Europe, and Asia Pacific, according to Jack Clark, senior vice president and head of investments. The firm is targeting both stabilized assets and ground-up developments in markets where it already maintains a strong presence.
In the Boston region, Pembroke is also advancing the transformation of Commonwealth Pier in the Seaport District, a major redevelopment of the former World Trade Center complex. Scheduled to open in 2026, the project will introduce new public waterfront spaces, retail and dining destinations, and will serve as the future home of Fidelity Investments and the Museum of American Finance, an affiliate of the Smithsonian Institution.
Beyond the U.S., Pembroke expanded its residential pipeline in 2025 with the acquisition of multifamily development sites in Munich and Melbourne, following earlier residential investments in London and Arlington, Virginia.
Pembroke’s Boston portfolio also includes office properties at Commonwealth Pier, 255 State Street, and 245 Summer Street.
The sale of Proto was brokered by Robert E. Griffin Jr., Michael Byrne, Thomas Greeley, and Devlin Man of Newmark.
