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Sat, Oct 19
A Compendium of Property & Capital News
Sat
Oct 19
A Compendium of Property & Capital News

Urban Spaces Signs First Lease at New East Cambridge Mixed-Use Development

May 20, 2019
95 First Street, East Cambridge

CAMBRIDGE–Urban Spaces, the Cambridge-based real estate development company has signed pet supply retailer, Loyal Companion to a 4,000 SF lease at 95 First Street in East Cambridge. The store is the first retail tenant signed to the First Street Corridor, a $275 million mixed-use project designed to reinvigorate the neighborhood that connects Lechmere Station and Kendall Square.

Loyal Companion will be meeting the demand for pet supplies and services after by the closing of Petco, which decided to not renew their lease at 119 First Street following passage by the Cambridge City Council of an ordinance prohibiting the retail sale of commercially bred animals. Loyal Companion offers high-quality food and supplies, as well as on-premise grooming, training, daycare, and self-wash.

“Loyal Companion is an ideal fit for the retail mix we’re assembling for the commercial and residential tenants of the First Street Corridor, as well as the larger East Cambridge multifamily market,” said Paul Ognibene, CEO of Urban Spaces. “The Conviser Group, which handles the leasing of our 45,000 square feet of retail space along the First Street Corridor, is helping us to develop the appropriate blend of retailers and restaurants to best serve the needs of the community.”

Designed by architectural firm Perkins Eastman, 95 First Street is a single-story 10,000 SF retail building, located just a short walk from Cambridge Crossing. Construction is currently underway and is expected to be ready for occupancy by spring of 2019. The First Street Corridor is located across from CambridgeSide, and upon completion will be comprised of over 250 apartments, 50,000 SF of office, and 45,000 SF of retail space, as well as a 23,000 SF open-air park.

“There’s an incredible amount of unique, multi-family growth in East Cambridge,” said Jeff David, CEO of Independent Pet Partners (parent company of Loyal Companion). “First Street Corridor is in the heart of the community. That’s where we like to be because pets are the heart of the community too. This allows us to provide the highest quality food, supplies and services that prolong the life of the pet and help make the community a happier place overall.”