Alexandria Real Estate Equities Inc. has secured a key zoning endorsement from city officials for its 1.5 million-square-foot buildout of the so-called Binney Street corridor in East Cambridge. The news has officials at the Pasadena, Calif.-based real estate investment trust predicting the project will likely be fully permitted within then next three months.
The news was disclosed during a panel discussion Thursday featuring Thomas Andrews, a senior vice president in charge of Alexandria?s New England operations. He said the special permitting was secured this week, although he did not disclose additional details about the matter.
Alexandria?s (NYSE: ARE) local office declined to comment about the development, noting that more information about the project and its progress would be detailed in a press release to be issued Thursday.
Andrews said the project consists of 1.5 million square feet of commercial space as well as 220 housing units and underground parking. He said the firm is seeking build-to-suit tenants for the property.
Andrews comments came during a NAIOP Massachusetts breakfast event at Boston?s Seaport Hotel.