"It has been our vision since we purchased the property to unify the spaces and provide a sense of place, tying each of the buildings together," explains Stephen Faber, VP of asset management for the Beal Cos., a Boston-based real estate firm that acquired One Kendall Sq. with Rockwood in April 2006 for $210 million. Money will also be deployed to modernize the mechanical and technological infrastructure, says Faber. His firm apprised One Kendall Sq. tenants and brokers of the ambitious program at an on-site presentation prior to the public announcement.

The overhaul is occurring just as Cambridge's core office market launches a corresponding rebirth, emerging perhaps stronger than ever after being rocked during the most recent regional recession. According to Jones Lang LaSalle, the availability rate for Cambridge's 16.1 million-sf inventory is down to 10.2% from a high of 24% reached in 2003. The average rental rate has recovered to $34.24 per sf for office space after plunging into the $20's per sf, with East Cambridge continuing to lead the way.

Aided by a location in the heart of that 12-million-sf district, One Kendall Sq. has retained a strong tenant roster, attracting the likes of Genzyme Corp., Idenix Pharmaceuticals and PricewaterhouseCoopers. There have been several ownership changes, however, with predecessors to Beal/Rockwood including Beacon Capital Partners, Lincoln Property Co. and JE Robert Co. The 10-acre park was originally restored in the 1980s after Boston's office building boom made Cambridge's industrial wasteland a viable alternative for high-end office and laboratory users. One Kendall Sq. offers space for both functions. There is also a mix of entertainment, retail and restaurants, a nine-screen independent movie theater and 1,500-vehicle parking garage.