WATERTOWN, MA—Cresset is risking $25 millionthat office tenants are becoming sick and tired of paying sky-highrents for space in Downtown Boston and Kendall Square inCambridge.
The Boston-based commercial real estate investment anddevelopment company reports it has begun construction on the gutrehab of 65 Grove St. in Watertown. The cost of the program,according to Cresset president Ed Nardi, will beapproximately $25 million.
Cresset purchased the 118,000-square-foot building from GEIonics in 2014 and is now undertaking a major renovation of thevacant property originally built in 1945 into a Class A office andR&D facility.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
