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Two months after breaking ground on a speculative office-lab building, developers have acquired another key parcel in Somerville’s Boynton Yards with an eye toward a 1 million-square-foot multi-phased development.
Boston-based Leggat McCall Properties and DLJ Properties of New York bought the 3.1-acre Gentle Giant moving company’s headquarters at 29 Harding St. for $23 million on Tuesday.
The movers will open a corporate office in Winchester and relocate its storage facility to Charlestown, the developers said in a statement released today.
Leggat McCall and DLJ broke ground in July on a 289,000-square-foot office-lab building at 101 South St., after receiving $140 million in construction financing from Bank of the Ozarks. That project is scheduled for completion in 2021.
The projected 2021 completion of the MBTA Green Line Extension, including a Union Square station, has put the neighborhood on the short list of developers’ desired sites for commercial projects in Somerville.
The master plan for the Boynton Yards project will include over 1 million square feet of lab, office, multifamily and retail space, the developers said in a statement.
Bernard Gibbons of Cambridge-based Associated Brokerage Group represented the seller and procured the buyer. ABG previously brokered the sale of the J.J. Vaccaro property to DLJ/LMP for $13.5 million and 561 Windsor St., the 83,000-square-foot building occupied by the Taza Chocolate factory, to Riverside Properties for $20 million in February 2018.
