CAMBRIDGE–Paul Ognibene of Cohasset, the CEO of Cambridge-based real estate company Urban Spaces, has announced that 100% of the office component of 121 First Street in East Cambridge/Kendall Square has been leased to CarGurus, a leading global online automotive marketplace.
121 First is a mixed-use development comprised of 50,000 square feet of office space and 10,000 square feet of ground floor retail. It is typical of the work of Paul Ognibene and Urban Spaces that focuses on development projects in growing neighborhoods that are in close proximity to public transportation, universities, and employment hubs.
“When we decided to develop this building on spec, we knew there would be strong tenant demand for office space along the First Street Corridor, given its location within walking distance to both the MBTA’s Red Line / Kendall and the Green Line / Lechmere stops,” said Paul Ognibene. “We’re delighted to have attracted such a strong tech tenant like CarGurus and look forward to hosting their operations in the years to come.”
Paul Ognibene and Urban Spaces selected the global architectural firm, Perkins Eastman, to design the project and tapped Nauset Construction to build it. 121 First is an integral component of the First Street Corridor and will add vitality to the burgeoning neighborhood. The First Street Corridor is situated across from CambridgeSide (the former Cambridgeside Galleria) and between the MBTA’s Red Line Kendall Square and Green Line Lechmere stations. 121 First is a key component of a $200 million development by Paul Ognibene and Urban Spaces which, when completed, will include approximately 250 apartments, 50,000 SF of office space, 50,000 SF of retail, and 250 parking spaces, as well as a half-acre open-air green space.
Founded in Cambridge in 2006, CarGurus has grown to become the largest automotive shopping site in the U.S. based on monthly unique visitor traffic (ComScore Media Metrix Multi-Platform, March 2018). The company employs more than 650 people globally, including approximately 540 employees located at its Cambridge locations. “We’re delighted that we could accommodate such an innovative company. It’s another great addition to the re-birth of the First Street Corridor,” noted Paul Ognibene of his new tenant.
“Paul Ognibene of Cohasset and the Urban Spaces team have done an excellent job assembling, conceiving, and delivering a development that is helping to transform the First Street Corridor in East Cambridge, as well as expanding the inventory in a supply-starved market,” said JLL Managing Director Peter Bekarian, whose team represented Urban Spaces in leasing the space. “The level of interest we had from numerous tech and life science companies further continues a long trend of innovative companies choosing to locate and remain in East Cambridge.”
CarGurus was represented by Nat Kessler and Adam Brinch of CBRE.