A name in Harvard history comes down to buy; Projects around Union Square are multiplying
A private equity captain appears to have bought Cambridge, returning to the stage of his undergraduate and graduate degrees.
Patrick Healy, 54, CEO of private equity giant Hellman & Friedman, is listed as the London-based principal for the company purchasing the office building at 1130 Massachusetts Ave., Mid-Cambridge, a few blocks from Harvard Yard and Heart of Harvard Square. Healy graduated from Harvard in 1989, remembered – at least in Harvard Crimson reporting – as an accomplished diver and swimmer; he then attended Harvard Business School, where online biographies show him earning an MBA with honors.
Construction is already underway at the 3,024 square foot structure adjacent to the building housing Hourglass Tattoo and Arrow Dry Cleaners, as well as the national tutoring service Signet Education.
The sale price was $ 3.4 million, the Bldup platform reported on June 17. T. Baker Pond, a subsidiary of MacArthur Construction, was the seller, but MacArthur employees could not provide more information on Friday.
Another private equity executive, Tim Dibble of Alta Communications in Boston and Alta Equity Partners in Concord, recently purchased the Cantab Lounge in Central Square with the intention of reviving and reopening it. Dibble graduated from Wesleyan in Middletown, Connecticut, not Harvard – but he too is a former Cambridge resident.
In other development news:
- Somerville gave the green light to three Union Square projects last week, which are expected to add a total of 163 residential units to the area, which will soon have a new metro station on the green line. At 346 Somerville Ave., the developers are planning 94 studio and one-bedroom units over five floors, plus 2,470 square feet of retail space on the ground floor and a publicly accessible park at the back. A five-story 3 Hawkins St. project by ZRE Development promises 59 or 60 environmentally friendly passive house units. And on the street, Somerville gave the green light for the demolition of 379 Somerville Ave., which was home to the Thunder Road music club until owners announced in August that it would not reopen after the coronavirus pandemic. Site plans call for a 3,478-square-foot, five-story mixed-use building with 10 residential units and ground floor space for a bar or restaurant. Bldup described it on June 17 as a “redevelopment of the Thunder Road nightclub.”
- The 67-room 907 Main boutique hotel in Cambridge’s Lafayette Square recently refinanced the property for $ 24 million through Cambridge Savings Bank, according to Bldup. The hotel, which opened in the fall, houses The Dial restaurant and bar and a Praline pastry shop on the ground floor. The return of Toscanini ice cream is expected this summer, with a rooftop bar and restaurant called Blue Owl.
- Construction is scheduled to begin this fall at 28 Chestnut, a four-story, 200,000-square-foot life science building in the Somerville Inner Belt area. Developer’s North River project is slated to open in 2023.