100 Cambridge Street
In 1999, the Commonwealth of Massachusetts shuttered the Leverett A. Saltonstall state office building and selected MassDevelopment to redevelop the contaminated property, located on a bleak windswept plaza at the corner of Cambridge and Bowdoin streets in downtown Boston. Rebranded as “100 Cambridge Street,” the award-winning 565,000 SF property is now a model for public-private partnership, and a bustling example of mixed-use, transit-oriented development. Serving as project developer, MassDevelopment negotiated a long-term ground lease agreement with the Commonwealth which returns the building to State ownership following termination of the lease. MassDevelopment then coordinated the remediation, redevelopment, and re-tenanting efforts at the site. The redevelopment effort resulted in the construction of 75 new residential condominium units of which 25 percent were sold at affordable rates. The complex also includes an underground garage, green space, a memorial to victims of homicide, and a public art gallery showcasing works by Sol Lewitt, the students of Artists for Humanity, and architect Howard Elkus.
Following redevelopment, 100 Cambridge Street’s 22-story office tower and ground floor retail space first achieved full occupancy in 2007 with a mix of public and private tenants. In March 2011, the building received a LEED O&M Silver certification from the U.S. Green Building Council.
In March 2015, having completed the redevelopment, MassDevelopment sold its ground-lease interest in the property to a local, private real estate investment corporation. Proceeds from the sale fully retired all debt on the property and allowed MassDevelopment to recover its initial investment.