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CarGurus Leases Office Portion of New Mixed-Use Development in Cambridge

Online Auto Marketplace Signs 48,393-SF Lease at Urban Spaces' Spec Project at 121 First St., Will Move-in This November
June 27, 2018
CarGurus, Inc., a Cambridge, MA-based global online automotive marketplace, is revving up its expansion efforts after signing a 15-year lease for the entirety of the office space at a new mixed-use development slated to deliver this summer at 121 First Street in Cambridge.

CarGurus, which launched in Cambridge in 2006, finalized a deal with Urban Spaces to occupy 48,393 square feet at the speculative project going up across from the CambridgeSide shopping center between the MBTA’s Red Line Kendall Square and Green Line Lechmere stations. The company is slated to move into the five-story building, which will also include 10,000 square feet of retail and 50 parking spaces, in November.

“When we decided to develop this building on spec, we knew there would be strong tenant demand for office space along the First Street Corridor, given its location within walking distance to both the MBTA’s Red Line / Kendall and Green Line / Lechmere stops,” said Paul Ognibene, CEO of Urban Spaces.

The building is part of a larger $200 million development Urban Spaces is carrying out in Cambridge's First Street Corridor. At full-build out, the Perkins Eastman-designed complex will incorporate 250 apartments, 50,000 square feet of office space, 50,000 square feet of retail, 250 parking spaces and a half-acre of open green space.

Nat Kessler and Adam Brinch of CBRE negotiated the lease for CarGurus, which employs more than 650 people globally including 540 in the Cambridge area. Peter Bekarian and Molly Health of JLL brokerd the deal for Urban Spaces.
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