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.