The redevelopment of Kendall Square in Cambridge, Massachusetts, from a post-industrial landscape to a modern hub for science and technological innovation was always going to be challenging. But for BioMed Realty, a life science real estate firm owned by Blackstone, the presence of a gas transfer station threatened the viability of one of the area’s crowning achievements.
In what has become a pedestrian-friendly and walkable neighborhood, the gas transfer station at 330 Third St. stood out as an eyesore against the gleaming glass facades that sprung up around it. One of those buildings was 585 Kendall, a 16-story BioMed project that included 600,000 square feet of office and lab space along with a community arts center.
To complete its vision for 585 Kendall and open more than 30,000 square feet of indoor and outdoor public space to the neighborhood, the gas transfer station would need to be moved. After purchasing the station, BioMed worked with the previous owner, Eversource, a regional energy provider, and the city of Cambridge to do just that.
Relocating the transfer station to a nearby lot involved laying thousands of feet of pipe across Kendall Square and high levels of coordination with Eversource to ensure utility service wasn’t disrupted, but eventually, the move was complete. The result was a significant enhancement to Kendall Square’s safety, aesthetics, and walkability.
The move's completion also allowed BioMed to develop the entire city block adjacent to 585 Kendall, creating additional community space for workers, residents, and visitors. The project has been selected as the 2024 CoStar Impact Award winner for sale/acquisition of the year for Boston, as judged by a local team of real estate professionals familiar with the market.
About the Project: As an office space, 585 Kendall had been fully leased by Takeda, a Japanese pharmaceutical company, when the gas transfer station was moved. In addition, the property provides space for performances, artist residencies, rehearsals and community gatherings.
What the Judges Said: “The acquisition of 330 Third Street marked a pivotal moment in the ongoing transformation of Kendall Square from its industrial past to a vibrant epicenter of innovation and collaboration. As one of the last vestiges of the area's industrial heritage, the decommissioned gas transfer station stood as a stark contrast to the pedestrian-friendly, cutting-edge environment that defines Kendall Square today. The significance of this transaction lies not only in the physical transformation it catalyzed but also in the profound impact it has on the safety, aesthetics and walkability of Kendall Square,” said Stephanie Donlin, senior director of real estate at Greystar.
They Made it Happen: Salvatore Zinno, senior vice president of development, BioMed Realty.