The planning board of Cambridge, MA granted Blackstone and BioMed Realty a special permit to turn 350 Massachusetts Ave., a five-story office building near MIT, into life sciences labs, the Boston Business Journal reported. The office space and much of the retail space in the 118,265-square-foot, brick-and-steel building are vacant due to shifts in market demand from the pandemic.
“This proposed change will revitalize the building and better align with current market demands, which, particularly in Cambridge, favor life sciences and research spaces,” the application reads.
The proposed changes at 350 Massachusetts Ave. will create 60% laboratory and 40% office spaces on floors two through five and retail spaces on the ground floor. The building was constructed in the late 1990s, and while a facade refresh has also been proposed, Blackstone and BioMed said they plan to preserve the building’s existing brick veneer and arches.
BioMed acquired 350 Mass. Ave. in 2021 from Brookfield Asset Management as part of a larger transaction.
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