Multifamily Panel Examines Changing Development Landscape: Unit Sizes Shrinking, Amenities Increasing in Urban Markets

April 17, 2019  Boston Real Estate Times

Waltham, MA There is a sea change underway in the world of multifamily development, as increasing land and construction costs and a heightened focus on amenities are impacting the way that developers are building and repositioning properties.

Earlier this month, the Boston Real Estate Times assembled a panel of prominent developers for the Boston Multifamily Growth & Development Summit to provide insight into how they are responding to the changing landscape. Held at the Westin Hotel in Waltham, MA the panel was moderated by Real Estate Times publisher, Upendra Mishra, and included Paul Ognibene, CEO of Urban Spaces, Shannon Earley, regional manager of Princeton Properties, and Richard Robinson, VP of acquisitions at John M. Corcoran & Company…

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Latest demolition along ‘First Street Corridor’ highlights massive East Cambridge changes

May 26, 2019  Cambridge Day

Cambridge, MA The developer Urban Spaces tore down its own former headquarters Monday to make room for its latest project along First Street in East Cambridge – a 136-unit, two-building apartment complex with 14,800 square feet of retail at its base.
The project, called Kendall East, is set to begin construction in April and be ready for renters in 2020 on parcels at 99-119 First St., 18 Hurley St. and 29 Charles St. The First Street location was a Petco and its parking lot, but now will be pet-friendly apartments, according to Urban Spaces. The two buildings will share a two-level underground garage with 142 parking and 159 bicycle spaces beneath a half-acre green space; another 23 surface parking spaces will be used for whatever retail moves in…

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Urban Spaces Secures $44M in Financing for Cambridge Office Via People’s United Bank

December 12, 2018  The Real Reporter

Cambridge, MA Urban Spaces, a Cambridge-based commercial real estate development company which focuses on mid-sized, transit-oriented projects, announced that it has finalized $44 million in permanent financing from People’s United Bank for 121 First, a 60,000 SF mixed-use office property fully preleased to CarGurus, the largest automotive shopping site in the US. The fixed-rate, long-term financing was arranged by Mike Surprenant, Principal at Goedecke & Co.

“Urban Spaces and People’s United have been working together for several years and this loan expands and strengthens our relationship. 121 First’s prime location in Cambridge’s First Street Corridor, coupled with a long-term lease from CarGurus, enabled us to secure favorable terms and position the building for long-term success,” said Paul Ognibene, CEO of Urban Spaces….

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Urban Spaces Pre-Leases 50,000 SF to CarGurus at 121 First Street in Cambridge

June 27, 2018  Boston Real Estate Times

Cambridge, MA Urban Spaces, a real estate company that develops unique mid-sized projects in growing neighborhoods that are in close proximity to public transportation, universities, and employment hubs, announced that it has leased 100% of the office component of 121 First in East Cambridge/Kendall Square to CarGurus, Inc., a leading global online automotive marketplace.

121 First is a mixed-use development comprised of 50,000 square feet of office space, 10,000 square feet of retail, and 50 parking spaces. The building is currently under construction and is expected to be completed in summer of 2018….

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CarGurus Confirms East Cambridge Expansion

June 27, 2018  Banker & Tradesman

Cambridge, MA Online auto marketplace, CarGurus Inc. will expand its East Cambridge operations with a 50,000-square-foot lease at 121 First St., a speculative office by Cambridge-based developer Urban Spaces.

The lease fills up the office space within the building, which is scheduled for completion this summer and also will contain 10,000 square feet of retail space…

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No Longer the End of the Line: Green Line Extension Spurs Office Development

May 13, 2018  Banker & Tradesman

Cambridge, MA Developer Urban Spaces has an unscientific measuring stick to gauge the vibrancy of the East Cambridge neighborhood where it’s headquartered and now building office space and housing.

CEO Paul Ognibene calls it “the door test.”

“When we would open the door out of our office, no one would be walking on the streets a few years ago,” he said. “Now we have to be careful not to hit someone, because there’s a lot of foot traffic.”

The increasingly busy sidewalks of First Street reflect a neighborhood that’s starting to come into its own…

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Urban Spaces and Nauset Construction Begin $20 Million 121 First St. Development – JLL is the Exclusive Leasing Agent

October 06, 2017  New England Real Estate Journal

Cambridge, MA Urban Spaces is underway with its newest development, 121 First St., in Kendall Sq. The speculative 62,100 s/f, $20 million mixed-use development is being built by Needham-based Nauset Construction. The building will feature 48,500 s/f of class A office space and 10,000 s/f 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…

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Cambridge’s newest condo building moved to town from Maine 

November 11, 2016  The Boston Globe

Cambridge, MA Located next to the Porter Square stop on the MBTA Red Line, the project includes 20 residential units with off-street parking and 5,000 sf of prime retail space.

The new condominium building in Porter Square looks a lot like many other new condo buildings: Three floors of units above retail storefronts. And the prices — starting at $600,000 for a one-bedroom — are pretty typical for new construction in Cambridge.

But the way the Rand at Porter was put together is something different…

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It’s not a dorm, but school rules apply

September 05, 2016  The Boston Globe

Boston, MA The new six-story building on Commonwealth Avenue wasn’t built to be a dorm. But during the last week, 180 Boston University students have moved in. The arrangement is part of a two-year deal BU made with the building’s developer to lease out the space as student housing. It’ll be like…

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