Permit Approved For Malden's First LEED-Certified Office Building

Malden MA

23 June, 2021

10:00 AM

Description

MALDEN, MA — Quaker Lane Capital, a real estate development, investment and advisory services company, and Turnbridge Equities, a real estate investment firm, announced Tuesday they have received Special Permit approval from the Malden City Council for the city's first LEED-certified office building. The companies acquired the property at 11 Dartmouth Street in 2019, along with 21 Pleasant Street, known as the Granada building. Located in an Opportunity Zone, the partnership envisions 11 Dartmouth Street as an ideal location for a Class A, mixed-use property with potential for life sciences in Malden's central business district. The nine-story project will be designed by architecture firm Gensler and feature 145 parking spaces. Over the course of 50 community meetings, Quaker Lane reduced the building's height by 25 percent. The company aims to attract innovation-driven tenants, including public and private sector organizations, as well as entrepreneurial and research and development-focused firms. "When we enter local communities, we recognize the responsibility we have as developers to advance economic progress and social equity, and community feedback is of the utmost importance to Quaker Lane," Carlos Febres-Mazzei, founder and managing principal at Quaker Lane. "The community's input directly contributed to changes in the project's design, while Gensler's world-class work allows us to maximize the full potential of the project located within both an Opportunity Zone and a Gateway City. 11 Dartmouth Street will provide the City of Malden with new retail options, job creation, entrepreneurship, innovation, and substantial growth in tax revenue that directly benefits its citizens." The estimated completion date for 11 Dartmouth Street is as early as 2023, and 21 Pleasant Street—The Granada—has creative office space currently available for lease. For more information on leasing, please visit quakerlane.com.