Prudential Scoops Up Twenty/20
Prudential Real Estate Investors has joined the crowd jumping into the Cambridge market, purchasing Twenty|20 in North Point. The seller, Canyon Partners Real Estate, developed the luxury apartment tower that opened earlier this summer with HYM Investment Group for $147M. The selling price wasn't disclosed.
The multifamily building is just steps from a planned new Lechmere T-stop and the prolific Kendall Square neighborhood. Anchored by MIT, the area has become the place to be for life science companies and big pharma.
Indeed, the former industrial area has become the world’s leading life science cluster, according to a recent JLL report. As Kevin Smith, head of Americas for PREI, says, "The Boston metro area offers solid, long-term growth prospects thanks to an expanding job market and a thriving biotechnology and pharmaceutical presence." [CPE]