NorthPoint Development sold to Archon

November 21, 2007 | Filed Under Commercial Real Estate, Boston Condos, Boston Luxury Developments, Boston Real Estate 

The new NorthPoint development project in East Cambridge is being sold to Archon, the real estate branch of Goldman Sachs. According to the Boston Globe, the sales price will be more than $175 million after stiff competition for the site. The NorthPoint project was put on the market after legal disputes between owning partners earlier this year. The 44 acres of former rail yard is permitted for 5 million square feet of lab, residential, retail, office and hotel space. Two residential loft-style buildings, the Sierra and the Tango, are nearing completion. The entire complex will include 20 buildings, a 10 acre park and a new MBTA station to replace the Lechmere stop. As one of the only large-scale permitted projects in the highly competitive Cambridge commercial market, leasing potential for the complex is expected to be outstanding, especially with the proposed expansions of Microsoft Corp. and Google.

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