According to a report from the Boston Business Journal, BioMed Realty has recently acquired the Kendall Square complex which houses The Engine, a “tough tech” accelerator. This purchase was made for $361.5 million and includes only the building itself as MIT will retain ownership of the land under 730-750 Main St in Cambridge. Under a master lease agreement that expires in 2099, BioMed will now hold this property.
This sale is significant as it is one of few to occur in Kendall since interest rates increased over two years ago. Additionally, it marks BioMed’s return into local acquisition space as an affiliate of Blackstone.
In recent years, MIT has renovated this two-building complex spanning over 223,000 square feet which previously belonged to Polaroid Corp., starting back in 2020. In line with its mission to support innovation and entrepreneurship at MIT and beyond, The Engine – an MIT spinout – relocated its headquarters to 750 Main Street just last year (2022).
The Engine serves both as a venture capital firm and startup accelerator that focuses on investing in “tough tech.” This term encompasses various industries such as robotics and climate-tech companies that utilize technology for real-world materials applications.
