"It has been our vision since we purchased the property to unifythe spaces and provide a sense of place, tying each of thebuildings together," explains Stephen Faber, VP of asset managementfor the Beal Cos., a Boston-based real estate firm that acquiredOne Kendall Sq. with Rockwood in April 2006 for $210 million. Moneywill also be deployed to modernize the mechanical and technologicalinfrastructure, says Faber. His firm apprised One Kendall Sq.tenants and brokers of the ambitious program at an on-sitepresentation prior to the public announcement.

The overhaul is occurring just as Cambridge's core office marketlaunches a corresponding rebirth, emerging perhaps stronger thanever after being rocked during the most recent regional recession.According to Jones Lang LaSalle, the availability rate forCambridge's 16.1 million-sf inventory is down to 10.2% from a highof 24% reached in 2003. The average rental rate has recovered to$34.24 per sf for office space after plunging into the $20's persf, with East Cambridge continuing to lead the way.

Aided by a location in the heart of that 12-million-sf district,One Kendall Sq. has retained a strong tenant roster, attracting thelikes of Genzyme Corp., Idenix Pharmaceuticals andPricewaterhouseCoopers. There have been several ownership changes,however, with predecessors to Beal/Rockwood including BeaconCapital Partners, Lincoln Property Co. and JE Robert Co. The10-acre park was originally restored in the 1980s after Boston'soffice building boom made Cambridge's industrial wasteland a viablealternative for high-end office and laboratory users. One KendallSq. offers space for both functions. There is also a mix ofentertainment, retail and restaurants, a nine-screen independentmovie theater and 1,500-vehicle parking garage.