The nonprofit Constellation Charitable Foundation has sold a one-acre parcel at 585 Third Street in Cambridge’s busy, busy Kendall Square for $50.5 million.
The lot has been vacant for years as Constellation attempted to build a performing arts complex there. That never happened, and in April the nonprofit’s board put the parcel up for sale.
It was always expected to fetch a commanding price given its location amid one of the more sought-after neighborhoods in the Boston region and given other recent land sales in the same area. M.I.T., for instance, bought the 14-acre Volpe transportation center site in Kendall for $750 million at the start of 2017.
An affiliate of BioMed Realty Trust purchased the 585 Third parcel—also known as Parcel C—and it’s unclear what the buyer has planned for it, per the Globe’s Jon Chesto. Whatever goes up there is expected to include a cultural or arts component, however.
As for the mint that Constellation made on the deal, the nonprofit plans to use the money for its philanthropic efforts.