Neighborhood spotlight: Kendall Square
When businesses invest in new Boston neighborhoods, residential developers are quick to follow. The fact is people like to live close to where they work - it makes the commute easier and helps cut costs associated with travel and various other aspects of working far away from home.
Recently, life sciences real estate company Alexandria Real Estate Equities Inc. signed four leases at 400 Technology Square in Kendall Square of Cambridge, which totaled 162,000-square feet of office space, Mass High Tech reports.
The newly acquired building will house a diverse group of tenants such as Ragon Institute of MGH, MIT and Harvard, Epizyme, Inc., Warp Drive Bio, LLC and Aramco Services, the source reports. Technology Square house several buildings, which includes professional offices, laboratory facilities and retail areas.
Kendall Square has garnered a reputation of being home to some of Boston's most innovative companies, and new Technology Square tenants may encourage future residential projects from breaking ground near or around the popular Cambridge community.
In fact, in a presentation to the East Cambridge Planning Team, local real estate developers Bryan Koop and David Stewart detailed a proposal for a 22-story apartment tower at Ames Street in Kendall Square, The Boston Business Journal reports. The two developers presented the idea to build a 200,000-square-foot project under and above the parking garage behind the Cambridge Center, the news source reports.
"Ames Street has been viewed more of a service area with a loading dock and an entrance to the parking garage, so one of our goals to help transform it into a pedestrian- and retail-friendly street," Stewart said to the news source.
The two developers agreed to develop housing in Kendall Square in exchange for the approval to build the Broad Institute's new lab and office building in the area, the source reports. The newly constructed lab will bring jobs to the area.
There is much to be said of recent infrastructure and residential developments taking place in the Seaport District, but Kendall Square is also bringing new life to the city with the maintenance of Technology Square or potential residential tower down on Ames Street. Prospective homebuyers looking to invest in real estate in Boston might want to look across the river in Cambridge to see if newly built properties offer more value than what is on the market downtown.