Cambridge’s newest condo building moved to town from Maine

Cambridge, MA– Urban Spaces is well underway with its newest development, 121 First Street, in Kendall Square in Cambridge, MA.

The speculative 62,100 square-foot, mixed-use development is being built by Needham-based Nauset Construction. The building will feature approximately 48,500 SF of Class A office space and 10,000 SF of retail space in one of the nation’s hottest real estate markets. JLL is the exclusive leasing agent for Urban Spaces. A summer 2018 completion is anticipated.

“Given the high demand for office space in the Greater Boston real estate market – particularly in East Cambridge – we’re very excited about the building’s prospects,” said Paul Ognibene, CEO of Urban Spaces. “A variety of companies ranging from established Fortune 500 to late-stage startups have expressed significant interest for both the office and retail space.”

According to research from JLL Boston, the vacancy rate for Class A space in East Cambridge is currently less than 1.0 percent and rents have jumped to $84.87 PSF in the second quarter of 2017, a year-over-year increase of 14.4 percent.