A Unique Transaction Brings the Ragon Institute to MIT Campus
2020 was an eventful year for many reasons at MIT, but one truly positive development during that time was the decision to dedicate campus space towards the creation of the new home of The Ragon Institute.
The Ragon Institute was created in 2009 as a partnership between Massachusetts General Hospital, Massachusetts Institute of Technology and Harvard University with a mission to harness the immune system to prevent and cure human disease, including HIV/AIDS and other global infectious diseases. In recognition of this partnership, in the summer of 2020, MIT and The Ragon Institute established a ground lease relationship to enable The Ragon Institute to develop, operate and integrate a state-of-the-art research facility on the MIT academic campus. There are numerous benefits to having The Ragon Institute located adjacent to campus on academic property, including resources to support campus researchers, MIT access to a Biosafety Level 3 facility with a vivarium and a home for certain MIT faculty.
In order to facilitate this transaction, MIT decided to move a land parcel from commercial use to academic use. For many years, the parcel at 600-624 Main Street sat undeveloped and underutilized. The triangular site is bounded by Main Street to the north, Portland Street to the west, and Albany Street to the southeast. MIT purchased the land from the Polaroid Corporation in 2000 and then transferred it to the MITIMCo investment portfolio in 2017. 600 Main Street was occupied by a single story, masonry building built prior to 1929 and 624 Main Street was occupied by a two-story, masonry building built prior to 1886. After many months of negotiations, the parties agreed on a deal structure and the ground lease was finalized. The term of the ground lease will run for 75 years and will ensure a long-term presence of The Ragon Institute in the Kendall Square area.
The Cambridge Planning Board granted a Special Permit for the construction of the facility in June 2021. Demolition is currently underway and site construction is expected to start shortly. Based on current estimates, the facility should be complete during the summer of 2024 and will consist of a 6-story building containing office space and laboratory space for research and development. The facility is designed to achieve a minimum LEED Gold level of performance and will comply with all energy code requirements. In addition, there will be nearly 2/3 of an acre of publicly accessible open space on the site. The proposed building is architecturally impressive and will have a positive impact on the MIT campus.
OGC worked closely with the MITIMCo team as well as the Department of Facilities, the Office of Campus Planning and the Office of the Provost on this transaction. If you have questions about this development, please contact Kristin Garvin in OGC at kgarvin@mit.edu.