According to David Clem, managing director of Lyme Properties, all 1,313,000 sf of the site has been committed. Lyme Properties is developer and manager of the project with Scottish Widows, a UK insurer, its equity partner.
In addition to its headquarters, Genzyme will lease 150,000 sf in a nearby laboratory building. Vertex Pharmaceuticals has signed a letter of intent for 250,000 sf lab space in a third biotech building. Atlanta-based Hardin Capital plans to develop a 300-room hotel and 160 condominiums while Constellation Productions, a nonprofit organization, will develop the four theaters. Lyme will build additional residential, retail and office space.
Kendall Square is under construction on land formerly owned by Commonwealth Energy, which has been classified as a brownfields site by the Massachusetts Department of Environmental Protection. According to the developer, environmental cleanup is underway at the site.
In a released statement David Clem said, "The Cambridge Planning Board and the Community Development Department worked with Lyme to achieve a development that will complete the revitalization of the area and make it an important gateway to East Cambridge."
Recently, proposed zoning changes in Cambridge meant to ease congestion have stirred up concern that the expansion of the biotech industry will be hampered there. There is a current moratorium on building in East Cambridge but Clem tells GlobeSt.com that it has no impact on Kendall Square. Lyme Properties has pledged $500,000 to the East Cambridge Planning Team to develop open space in the East Cambridge neighborhood as part of a voluntary linkage program.
Prior to joining Lyme Properties, Clem and his partners developed One Kendall Square, a biotech complex here.
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