The Somerville Union Square master plan consists of 2.7 Million SF of new Class-A multifamily, office, retail, and hotel planned for development (“Master Plan”) on several parcels of land totaling approximately 15.5 acres of land (parcels D1 to D7) and the adjacent 1.36 Acre Green Cab Site located in Somerville, MA and governed by a Master Development Agreement (“MDA”) with the City of Somerville. 10 Prospect will deliver as a LEED Gold building with 194,000 RSF in Q3 2023 featuring lab-ready speculative suites, shell lab space, and ground-floor retail located in Somerville’s vibrant Union Square neighborhood and steps from the new MBTA station.

Development Partners

US2 is a partnership of Magellan US2 LLC and RAS Union Square Development LLC established for the sole and specific purpose of executing the Union Square development
Redgate: Life Sciences Development Management - Founded in 2010, Redgate is a strategic real estate advisory and investment firm that has successfully delivered over 27 million square feet of projects. Through their advisory platform, investment platform, and extensive expertise, Redgate is the “go-to” life science development manager in the Boston marketplace.

Projects Highlights

Location Highlights

Strategically located just a brief 15-minute walk to the Harvard University campus and 1.5 miles from the MIT campus and from Kendall Square, the hub of Boston’s vibrant life sciences and biotechnology sector and less than 2 miles from the Tufts University campus.
Union Square is already one of the most coveted neighborhoods in the Boston area due to its innovative culture, food scene, and sense of community giving it a strong “hip” factor.

Nearby Transportation

Adjacent to the recently completed Massachusetts Bay Transit Authority Union Square subway train station providing direct access to major employment centers throughout the Boston area at North Station, Government Center, Fenway and Longwood Medical, and other regional destinations.

Demographics

Somerville, MA is home to a population of 81.2k people.
The economy of Somerville, MA employs over 56k people focused in Professional, Scientific, and Technical Services.

Building Technology

US2 roofs to be solar-ready and 40,000 SF of roof area set-aside for future solar installations

Sustainability Practices

LEED Gold Certifiable for 92% of USQ building area. Design goal of targeting LEED Gold and LEED Platinum across the masterplan.
Carbon reducing planning and design
3.6 acres of new civic open spaces and public realm to reduce urban heat island
Upgraded and extended storm water management infrastructure mitigates flood risk
Remediation of contaminated sites to support new uses and public benefits
100% of 10 Prospect’s power will be green power for a minimum of 10 years

Market Dynamics

During 2022, the Boston market meaningfully shifted to “move in ready” space for tenants under 50k sf. Tenant activity currently accounts for 2.7 million SF across the wider Boston area (35 with urban focus at 1.6M) with five users totaling 183K SF specific to 10 Prospect.
Market vacancy is currently 4.0% and if all available sublease space became vacant it would still be below 5.0%.

Status

10 Prospect projected delivery timing is third quarter of 2023. The remaining life science developments will be delivered beginning in 2026. The building is currently 0% leased.

Location

Somerville, MA