FOR IMMEDIATE RELEASE: April 19, 2018

Contacts:
Glenn KnicKrehm, President
Constellation Charitable Foundation
(617) 939-1900
gknickrehm@constellationcenter.org

Andrew W. Hoar¸ President and Co-Managing Partner
CBRE New England
(617) 912-7010
andy.hoar@cbre-ne.com

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Constellation Charitable Foundation to Sell Kendall Square Land

Cambridge, MA—The Board of Directors of the Constellation Charitable Foundation has announced plans to sell its Kendall Square land, known as Parcel C, and to use the proceeds from the sale to pursue the fulfillment of its original philanthropic and artistic mission.

The main driver of this decision is that the pace of growth in the East Cambridge real estate market has far exceeded expectations, owing to soaring demand and reduced supply for space, particularly in the life science and tech sectors. The skyrocketing commercial value of the land outran the philanthropic value of committing the site to even a world-class performing arts center. The Board thoroughly explored the possibility of incorporating a mixed-use high-rise structure above the arts venues, but too many compromises in quality were required to accommodate the addition to the site of offices, laboratories, and residential spaces. Therefore, the Board has decided that the best option is to sell Parcel C, even as it carries forward its philanthropic mission in the performing arts.

This ongoing work is made possible by the strategically significant accomplishments the Constellation team has made since 1996, pursuing its original research and design of architectural plans for the intended world-class performing arts “Constellation Center.” Their work has been awarded numerous patents, with additional applications pending, and achieved revolutionary innovations embodied in the designs for a five-hall public facility for the performance of music, opera, theater, dance, and cinema. It was also designed to be used for community, educational, and family events, and included meeting, conference, and function space in support of presenters, arts organizations, and the Kendall Square Innovation District. All of this intellectual property, fortunately, can be a movable feast, for application and realization on one or more sites elsewhere.

The work of the Constellation Charitable Foundation will continue as it explores the possibility of replicating its completed designs at another location, and identifying appropriate land opportunities and overseeing the construction of various performing arts facilities. It will also be broadening, publishing, and disseminating its research results in the design, construction, and operation of state-of-the-art performing arts facilities; consulting for colleague organizations planning new, restored, or renovated cultural facilities; and supporting cultural institutions and community projects which complement the aspirations of the Foundation.

The Constellation Charitable Foundation and Constellation Center Board and staff are deeply grateful to our innumerable colleagues and organizations around the world, including many Cambridge- and Boston-area community groups who have supported and assisted our work thus far. We especially appreciate and thank our many generous individual donors, and we are immensely grateful to the City of Cambridge for its enduring support over many years. We assure everyone that the inestimable value of your contributions will continue to find rich fruit in our future endeavors.

The Constellation Charitable Foundation has engaged Andrew Hoar, President and Co-Managing Partner of CBRE New England, as real estate advisor and exclusive agent for the sale of its land. For further information, please contact Glenn KnicKrehm or Andrew Hoar at the phone numbers and email addresses noted above.

43 Thorndike Street
Suite 301
Cambridge, MA
02141
Tel 617.939.1900 Fax 617.939.0190