DivcoWest to develop $291m Massachusetts project
San Francisco–based real estate investment firm DivcoWest has paid approximately $291 million for one of the largest remaining parcels of open land near downtown Boston. The site is located in Cambridge, Mass., directly across the Charles River from downtown Boston. An official announcement was not released.
Canyon-Johnson Urban Fund and HYM Investment Group sold the 44-acre NorthPoint site. The sellers purchased the site in 2010.
A development of approximately 4.5 million square feet of space has been approved. The project will have 2,800 units of residential space totaling 2.4 million square feet and a combined 2.1 million feet of office, research and retail space. The site will also feature MBTA’s new and expanded Green Line station, part of the MBTA’s public transit expansion to Tufts University in Medford, Mass.
DivcoWest has several assets in the Boston region, including One Kendall Square,