A partnership including Boston-based Cresset Group and Novaya Ventures has acquired a 9-acre property in Somerville’s Assembly Square

A partnership including Boston-based Cresset Group and Novaya Ventures has acquired a 9-acre property in Somerville’s Assembly Square, where the previous owner proposed a 1.9-million-square-foot mixed-use development.

RD Management of New York submitted plans to state environmental regulators in September 2016 for two commercial buildings, a 188-room hotel and two apartment buildings. The existing property contains a 195,000-square-foot office building and surface parking.

Somerville Mayor Joseph Curtatone included the property in his city’s pitch of potential locations for Amazon’s second headquarters, along with DivcoWest’s Cambridge Crossing, Boston Properties’ Hub on Causeway, Federal Realty Investment Trust’s Assembly Row and US2 Assoc.’s Union Square redevelopment.

Novaya and Cresset were not immediately available for comment.

The $35 million transaction could be a catalyst for expansion of the major job cluster that began forming in 2016 with completion of Partners HealthCare’s new headquarters at Assembly Row.

Federal Realty and its brokers JLL are now marketing a 250,000-square-foot, build-to-suit office building at 455 Grand Union Boulevard, part of 1.5 million square feet in office and lab space at five approved building sites on the 45-acre Assembly Row property.

Local Partnership Buys Assembly Square Development Site

by Steve Adams time to read: 1 min
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