MIT, whose partnership with the City of Cambridge started the redevelopment of the Kendall Square area three decades ago with the development of Technology Square on the abandoned Lever Brothers soap factory site, announced today it has made another major investment in Kendall Square, purchasing the 17-story building at One Broadway from the Raytheon Corporation.
One Broadway, built in 1970 by the Badger Engineering Co., now a division of Raytheon, has views of the Boston skyline and is at the gateway to Kendall Square at Broadway and Third Street, near the Marriott Hotel and the MBTA station. The building, now almost three decades old, will require a substantial investment to insure its continued ability to attract commercial clients. MIT expects to make a substantial additional investment to upgrade the 301,000 square foot building and the associated parking garage.
"We firmly believe in the continued economic strength of Cambridge," said Deputy Treasurer and Treasurer-Elect Allan S. Bufferd. "MIT is a major factor in the growth of the Cambridge economy. This purchase complements other commercial investments MIT has made in Cambridge, such as University Park and the rehabilitation of 640 Memorial Drive, which contribute to the city economy and the tax rolls, and provide opportunities for employment."
In another transaction announced by MIT, Polaroid Corporation has sold to MIT its property at 28 Osborn Street, Cambridge, which MIT is planning to upgrade and lease for commercial purposes.
The property is adjacent to 21 Osborn Street -- owned by MIT and leased to Analog Devices, which is manufacturing airbag sensors there -- and is across Albany Street from MIT's High Voltage Research Laboratory and its Albany Street Garage.
Bounded by Osborn, Main, Portland and Albany Streets, the 28 Osborn property includes buildings totaling 118,000 square feet, which will continue to be occupied in part by Polaroid. The purchase was made with the long-term potential of using the property for academic and research facilities. It will remain on the tax rolls for the foreseeable future.