CAMBRIDGE, MA-Skanska USA is closing on development rights for150 Second St. The permitted project boasts a 120,000-square-footlab/R&D project that will measure three stories. The proposedproperty was conceptualized by previous owners Bent Street LandCompany LLC and designed by Elkus Manfredi Architects. Bent Streetwas an investment partnership sponsored by Spaulding & SlyeInvestments.

Skanska would not disclose the purchase price, nor the estimatedcost of the development, but tells GlobeSt.com that the project isanticipated to break ground in 2011, depending on marketfluctuation. "We firmly believe in the market strength andlong-term value in Cambridge," says Mike Pascavage, EVP andregional manager of Skanska USA Commercial Development here, in astatement. "We have been actively pursuing projects that align withour core values of operational efficiency and environmentalsustainability and this project epitomizes those values."

Jones Lang LaSalle will handle leasing and management duties ofthe proposed development, although there has been no pre-leasing ofthe property to date. Skansa also intends to self-finance theentire project. According to Richards Barry Joyce & Partners,the Cambridge lab market stands at 14.3% vacancy.