Twining Properties acquired development rights above 1,400-car underground parking garage from Lyme Properties and plans to commence construction later this year. Lyme Properties is the master developer for Kendall Square and has recently completed the new Genzyme headquarters, research labs for Vertex and the garage.

A requirement of the Kendall Square masterplan is that each building be designed by a world-class architect. The apartment tower will be designed by CBT Architects and will feature a 230- foot glass façade to form a beacon visible from Boston. The tower will include retail space and a health club and be connected to a luxury hotel and situated directly across the street from a performing arts center.

Principal Global Investors is the dedicated real estate group of Des Moines, IA-based Principal Life Insurance Co. Twining is a real estate investment and development company focused on urban mixed-use development in Boston, New York City and Washington, DC. "Principal's extensive experience investing in urban real estate development is a perfect match with Twining Properties' focus on complex urban mixed-use developments in Boston, New York City and Washington, DC," says Steve Kohn, president of Sonnenblick-Goldman. The firm arranged the joint venture.

Rod Vogel, managing director, of Principal Real Estate Investors, notes, "Quality rental apartments located in a high-barrier-to-entry market, such as Cambridge, are an excellent long-term investment for clients of our US Property Account."

The Principal US Property Account is a commingled fund of real estate equity investments for retirement plans. The fund primarily invests in fully developed, income-producing commercial properties. It currently includes investments in more than 100 office, industrial, multifamily and retail properties across the US.