WATERTOWN, MA—Cresset is risking $25 million that office tenants are becoming sick and tired of paying sky-high rents for space in Downtown Boston and Kendall Square in Cambridge.

The Boston-based commercial real estate investment and development company reports it has begun construction on the gut rehab of 65 Grove St. in Watertown. The cost of the program, according to Cresset president Ed Nardi, will be approximately $25 million.

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