Skanska USA Commercial Development has purchased the development rights to build a 120,000-square-foot lab/research and development project located at 150 Second St. in Cambridge.

The Kendall Square project will consist of a three-story building with underground parking designed by Boston-based Elkus Manfredi Architects, according to a statement. Skanska purchased the project from Bent Street Land Co. LLC, which had previously received site plan approval through the Cambridge Planning Board.

"We are excited about this acquisition as we firmly believe in the market strength and long-term value in Cambridge," said Mike Pascavage, executive vice president and regional manager of Skanska USA Commercial Development in Boston. "This is an extraordinary site due to its great amenity base, proximity to transit and biotech tenant demand."

Skanska USA Building will be the construction manager for the project.