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News release

Cambridge, MA

Nauset constructing 121 First Street spec office/retail building for Urban Spaces

Mixed-use project will deliver 48,500 SF of office, 10,000 SF retail to red hot market


​​​CAMBRIDGE, MA, October 2, 2017 – Urban Spaces is well underway with its newest development, 121 First Street in Kendall Square. The speculative 58,500 square-foot mixed-use development is being built by Needham-based Nauset Construction. The building will feature approximately 48,500 sf of Class A office space and 10,000 sf of retail space in one of the nation's hottest real estate markets. JLL is the exclusive leasing agent for Urban Spaces. A summer 2018 completion is anticipated.​

​"Given the high demand for office space in the Greater Boston real estate market – particularly in East Cambridge – we're very excited about the building's prospects," said Paul Ognibene, CEO of Urban Spaces. "A variety of companies ranging from established Fortune 500 to late-stage startups have expressed significant interest for both the office and retail space."

According to research from JLL, the vacancy rate for Class A office space in East Cambridge is currently less than 1.0 percent and rents have jumped to $84.87 psf in the second quarter of 2017, a year-over-year increase of 14.4 percent.

Designed by award-winning architectural firm Perkins Eastman, the development is located across from CambridgeSide in the First Street corridor, which links the MBTA Lechmere Green Line and Kendall/MIT Red Line stations. The project is down the street from the long-awaited development of Northpoint, which is now moving forward, and will be the first of a four-parcel master plan development which will include housing, retail, and office spaces. The project will play a prominent role in creating the pedestrian-friendly, mixed-use neighborhood envisioned for First Street by Urban Spaces and the City of Cambridge.

A vacant two-story windowless warehouse and a surface parking lot were razed to make way for the five-story development, which will be composed of structural steel over a reinforced concrete slab. The façade and exterior will be comprised of a combination of stonework, metal panels, and solar-ban glass. 52 parking spaces will also be built to accommodate employees and retail customers.

"Our vast experience building in tight urban infill developments is serving us well on this project," said Nauset Construction President Anthony Papantonis, whose firm has previously collaborated on several projects with Urban Spaces including most recently 7 Cameron, a 37-unit, transit-oriented community in Porter Square Cambridge.

"East Cambridge continues to be one of the most desirable destinations in the U.S. for both tech and life science companies," said JLL Managing Director Peter Bekarian. "121 First Street, in the midst of this dynamic market, is attracting strong interest from firms of various size and type." Joining Bekarian on the leasing team is Executive Vice President Molly Heath.

 

About Urban Spaces

Founded in 2004, Urban Spaces is an award-winning Cambridge-based real estate development company that aspires to have a transformational effect on the communities it serves. Urban Spaces is committed to delivering successful mid-sized residential and commercial properties in up-and-coming neighborhoods which are in close proximity to public transportation, universities, hospitals, and employment hubs. The company's entrepreneurial spirit, expertise, flexibility and tenacity enable the creation of unique and successful development opportunities. For more information on Urban Spaces, LLC go to http://urbanspaces.com

 

About Perkins Eastman

Perkins Eastman is among the top design and architecture firms in the world. With almost 1,000 employees in 15 locations around the globe, Perkins Eastman practices at every scale of the built environment. From niche buildings to complex projects that enrich whole communities, the firm's portfolio reflects a dedication to progressive and inventive design that enhances the quality of the human experience. With work in 46 states and more than 40 countries, the firm's portfolio includes: transportation and public infrastructure, high-end residential, commercial, hotels, retail, office buildings, corporate interiors, schools, hospitals, museums, senior living, and public-sector facilities. Perkins Eastman provides award-winning design through its offices in North America (New York, NY; Boston, MA; Charlotte, NC; Chicago, IL; Dallas, TX; Los Angeles, CA; Pittsburgh, PA; San Francisco, CA; Stamford, CT; Toronto, Canada; and Washington, DC); South America (Guayaquil, Ecuador); North Africa and Middle East (Dubai, UAE); and Asia (Mumbai, India, and Shanghai, China). For further information visit http://www.perkinseastman.com

 

About Nauset Construction

Nauset Construction is a construction management and design-build firm run by industry veterans with a shared goal of providing an unparalleled positive client experience. Nauset excels at complex projects on challenging sites with aggressive time and budget requirements – often in sensitive, occupied, and operational environments. Proactive decisions are made based on years of proven experience while orchestrating project-team cooperation and collaboration to inherent unforeseen challenges. Taking a collaborative approach throughout the project cycle, Nauset provides creative ideas and alternative methods that reduce cost and increase value to its clients, while creating lasting relationships. More information can be found at www.Nauset.com

 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.