One Kendall Square - Cambrige, MA
Salisbury Hill Development - Worcester, MA
Senior vice president Tucker Hansen of Colliers International represented Semprus BioSciences in the transaction, working with J. Duncan Gratton from Cassidy Turley FHO who represented the landlord, The Beal Cos. in partnership with Rockwood Capital Corp.
One Kendall Sq., Building 1400 is a 133,077 s/f, five-story, office and laboratory building. It is part of the One Kendall Sq. campus, which consists of nine buildings totaling more than 670,000 s/f of office, laboratory and retail space. The building is within walking distance of the MIT campus and the MBTA Red Line station at Kendall Sq.
In addition Colliers completed the sale of the remaining development rights at the Salisbury Hill Development site on Salisbury St. in Worcester. Colliers senior vice president Robert Cronin represented the seller, Middlesex Savings Bank, and the buyer, Capital Group Properties in the transaction. The site sold for $2.25 million.
"As the premier senior-housing development project in the greater Worcester market, I am confident that there will be significant interest in Salisbury Hill Phase II as the market rebounds from the housing 'gridlock' we have been experiencing for the last five years," said Cronin. "Given the successful track record in developing similar projects in greater the Boston area, Capital Group Properties realizes that, as the housing market rebounds, the Salisbury Hill investment opportunity will offer discerning seniors a very compelling option as they downsize their homes hoping to find attractive, functional, energy-efficient housing alternatives in a beautifully landscaped environment."
Approved in 2002 for a 280-unit, age-restricted community, 80 high-end townhome units have been built and sold to date at the site. An additional 200 units, including 100 townhomes and 100 "flats" or "garden-style" units, are permitted as part of the original approved master plan for the balance of the 86-acre property.
