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BioMed, Cresset, Novaya Partner on Somerville Innovation Campus
BioMed Realty has signed a definitive agreement with Cresset Development and Novaya Real Estate Ventures to acquire the XMBLY Campus of Assembly Square in Somerville, MA. The XMBLY site comprises a 162,000-square-foot office building and 7.5 acres of adjacent land.
Under the deal terms, Cresset, Novaya and BioMed are collectively seeking approval to amend the current master plan to allow for a larger amount of lab, research and development, technology and traditional office space. The project would complement BioMed’s existing area portfolio of more than 3.5 million square feet.
“BioMed Realty’s vision for building commercial lab and office space in Assembly Square will add significant momentum to our growing innovation ecosystem,” said Somerville Mayor Joe Curtatone. Along with the potential to create over 4,000 construction and permanent jobs, the proposed project will create a springboard for life science and technology companies to operate and grow in Somerville.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
