Leasing Ratchets Up at One Kendall Square

CAMBRIDGE, MA-After paying $210 million for One Kendall Square two years ago and committing another $15 million for an ongoing capital improvements campaign, the Beal Cos. and Rockwood Capital Corp. are apparently reaping the benefits of that commitment. Accentuated in a 22,000-sf lease just signed by a fresh arrival to the market, One Kendall Square has landed several recent deals with both existing and new tenants and has nearly 150,000 sf of prospects in the wings.

“We’re seeing a lot of people coming through,” acknowledges Beal VP Robert Doherty, the most recent being NextJump, a burgeoning technology firm that will relocate from smaller suburban quarters into 22,000 sf on the fourth floor of Building 200. The seven-year pact will repopulate space previously occupied by Draper Laboratory, which is joining long-time occupant Genzyme Corp. in departing for a custom-built operation. Genzyme is giving up about 165,000 sf in the 11-building, 675,000-sf complex, but Doherty reports solid progress backfilling that space.

Assembled from a one-time industrial facility that dates to the late 19th century, One Kendall Square offers an eclectic mix of laboratory, office and retail in a series of interconnected buildings and featuring courtyards and other unique elements. The enclave also includes a 1,500-vehicle parking garage and multi-screen theater.