CAMBRIDGE, MA-Skanska USA is closing on development rights for 150 Second St. The permitted project boasts a 120,000-square-foot lab/R&D project that will measure three stories. The proposed property was conceptualized by previous owners Bent Street Land Company LLC and designed by Elkus Manfredi Architects. Bent Street was an investment partnership sponsored by Spaulding & Slye Investments.

Skanska would not disclose the purchase price, nor the estimated cost of the development, but tells GlobeSt.com that the project is anticipated to break ground in 2011, depending on market fluctuation. "We firmly believe in the market strength and long-term value in Cambridge," says Mike Pascavage, EVP and regional manager of Skanska USA Commercial Development here, in a statement. "We have been actively pursuing projects that align with our core values of operational efficiency and environmental sustainability and this project epitomizes those values."

Jones Lang LaSalle will handle leasing and management duties of the proposed development, although there has been no pre-leasing of the property to date. Skansa also intends to self-finance the entire project. According to Richards Barry Joyce & Partners, the Cambridge lab market stands at 14.3% vacancy.