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There is no doubt land in Kendall Square comes at a premium, but one recent deal shows just how much developers are willing to pay.
Constellation Charitable Foundation sold an acre it owned at 585 Third St. to an affiliate of BioMed Realty Trust Wednesday for $50.5M, the Boston Globe reports. The nonprofit organization’s leaders have wanted to build a performing arts center on the site for two decades, but the surrounding area experienced a life science and technology industry building boom that has sent property values soaring.
CBRE/New England President Andrew Hoar told the Globe that Constellation found it would be too complicated to proceed with the center at the Kendall site. Hoar’s firm represented the nonprofit in the deal. Constellation is expected to find a new location in Greater Boston for the arts center.
BioMed is already a major property owner in Kendall Square and Cambridge, including Vertex’s former buildings it redeveloped into the Sidney Research Campus. The purchase comes at a time when several high-profile developments are taking place in the neighborhood, including MIT's Kendall Square Initiative.
No details were provided for BioMed's intention at the acre on Third Street, but the Globe reports it is expected to include some cultural element.
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