610 Main Street, Cambridge, MA from Michael Breer on Vimeo.
Cambridge is a residential hub that has been heating up considerably in recent years. One of the drivers has been the burgeoning life sciences business. MIT has done a superb job at capitalizing on what has become become a multi-billion dollar industry. As of April 1, 15 of the 29 initial public offerings were life sciences businesses. MIT and Pfizer have collaboratively “doubled-down” on the business by building 610 Main Street, a quasi public-private center for life sciences research and development. The building is also Gold LEED certified, so many of Kale and Quinoa flock will be happy to hear that they had sustainability in mind when building the space.
I’ve posted a primer on Real Estate Investment Trusts (REITs) in a previous post. REITs that specialize in life sciences and biomedical commercial real estate are in very high demand, and the returns, handsome. The biggest local player, Alexandria (http://www.are.com/) is behind much of the development along Main Street, though not 610. There most notable project is 50 Binney Street (see google street-view here: https://goo.gl/8uk8RD). The building will contain 541,000 square feet of office and lab space, in addition to a three-level garage.
2014 Groundbreaking Highlights:
- 300 Main Street (Forest City)
- 219 Monsignor O’Brien Highway (Marriott Fairfield Hotel)
- 50 Binney Street (Alexandria Real Estate Equities)
- 20 Child Street (Building N in North Point)
- 33 Cottage Park (Residential)
- 610 Main Street Phase 2 (MITIMCo)
- 240 Sidney Street (Residential)
- 450 Kendall St (part of Cambridge Research Park)
2014 Opening/Recruitment Highlights:
- Pfizer (610 Main Street)
- Baxter International (650 East Kendall Street)
- Broad Institute (75 Ames Street)
- Google (355 Main Street)
- Lab Central (700 Main Street)
- ModeRNA (320 Bent Street)
- Dicerna Pharmaceuticals (85 CambridgePark Drive)
- Nihon Koden (237 Putnam Ave)
- Oryzon (245 First Street)
- Nanobiotix (210 Broadway)
Many of the employment opportunities in these spaces will be available to a demographic that is more urban-centric, more upwardly mobile, more likely to bicycle to work than drive, and less likely to commute from the suburbs to the city. The group that I am referring to, of course–and I cringe to a certain extent when using this catch-all term–is Millennials. Cambridge, with it’s cosmopolitan flair, posh eateries, second-to-none universities, and pedestrian (and bicycle) friendly urban planning, are what the aforementioned group not only look for, but are willing to spend a premium on.
In Cambridgeport alone, median home values have rises 8.4%, year-over-year, with price per square foot up 17% year-to-date. East Cambridge has seen similar trends, with an increase in price per square foot of 16% in the same period.
Is there a residential housing bubble forming in Cambridge? From the looks of it, not really. The Cambridge-based REITs seem to be doing quite well, which would suggest that many more life sciences/biomedical opportunities are in the offing in Cambridge–not to mention a large National Institutes of Health (NIH) installment slated for 2016.
For those looking in Cambridge, keeping an eye on these REITs may be a helpful bellwether for the Cambridge market. If those businesses do as well as some have suggested, we might be looking at San Francisco prices in less than ten years. It looks like the 21st century is treating and will continue to treat Cambridge quite well.
For questions, comments, or real estate inquiries, reach out to me at firstname.lastname@example.org.
This stunning floor-through unit in Cambridgeport is currently pre-market, but ready to be shown. It has three bedrooms, two baths, a serene private patio, and garage parking. For any inquiries or showing requests please contact me direct at email@example.com or 978-239-8429. In the meantime, enjoy this promo video.
Today will be the first (and maybe last) open house for this extraordinary Jamaican Plain townhouse. Take a look at the HD tour, and if you have any questions, shoot me an email at firstname.lastname@example.org. Oh, and don’t hesitate to stop at the open house between 1-3 pm today.
The Boston Globe recently published an article on the condo at 245 Commonwealth Avenue that sold for $7 million. It’s an interesting article and one that is an indication of what is to come. Anecdotally, I can attest to the “new normal” that the article refers to.
If you haven’t already taken a look, here is an interesting article on the minimum wage earners and housing. Believe it or not, the 110 work hour estimate is an improvement on the 2013 numbers. See the full article here:
This isn’t your ordinary 19 room suburban estate—as I’m sure you’ll notice—but a coherent and thoughtful amalgamation of old-world influences. Inspired by the architecture of the Isabella Stewart Gardener museum, this estate incorporates reclaimed elements much in the way the Willard T. Sears, the architect of the Gardner Museum integrated “antique elements” in the Italianette style museum.
The Venetian and Gothic revival elements are prominent, with the groined vault arches—visible in the video—being the most revealing. French intricacies abound, but are tempered by Italianette revivalist flair. Constructing and executing a home of this kind is no simple task, and to do it in such a way that the elements are all seamlessly integrated indicates the time and artisanship that went into the work.
The grounds are expansive, private, meticulously manicured, and offer a patio that would accommodate a lawn party fit for a Gatsby. A large outdoor fireplace accents the patio space and adjacent lawn.
The entertaining spaces are ample, with the kitchen being a show-stopping bedfellow to the 1000+ bottle capacity wine cellar and tasting room. Though you would be well suited using the deluxe six-burner Thermador range, the imported “beehive” pizza oven will lend you some culinary possibilities that would otherwise be inconceivable. Watch out Bobby Flay!
For private showings and inquiries do not hesitate to email me at email@example.com.
REIT stands for Real Estate Investment Trust and is a means by which a variety of financial players invest in real estate markets. This brief video provides a very succinct explanation of what an REIT is. Take a look and let me know what you think. If you have a budding interest in REITs that are working regionally, here is one that has a pretty comprehensible website (http://www.bostonproperties.com). Let me know if you have any questions!