DivcoWest Acquires NorthPoint Development Site from Canyon Partners Real Estate

CAMBRIDGE, SOMERVILLE AND BOSTON, MASS. — DivcoWest has acquired a 42-acre master-planned development site known as NorthPoint from Canyon Partners Real Estate for an undisclosed price. The site is located across the Charles River from downtown Boston and spans the cities of Boston, Cambridge and Somerville. Located adjacent to two MBTA lines, the transit-oriented site is fully entitled for the development of approximately 4.5 million gross square feet, including 2.4 million gross square feet of residential space and 2.1 million square feet of commercial product. When complete, the project will feature a mix of residential, commercial office, retail, hospitality and life sciences uses surrounding a central park. JLL and DLA Piper represented the seller, while Goulston & Storrs represented the buyer in the transaction. Canyon originally purchased the property in 2010 through its Canyon-Johnson Urban Funds with its development partner, The HYM Investment Group.