Word came out today that Cambridge Community Television has signed a lease on new studio and office space in Central Square. The new studio at 438 Massachusetts Avenue in the old Economy Hardware space is expected to be ready for occupancy as of June 2011 when the lease at the Prospect Street location runs out. They will fill about 8000 square feet on two floors of the building. Some of the second floor areas will actually be used as increased ceiling height to accommodate a proper television studio.
CCTV Executive director Susan Fleischmann said that they have been talking to the building owner MIT Real Estate and Investment Co. since last summer and that the process has been a very pleasant one. MIT is offering a good tenant improvement allowance and a lease rate that they can work with. CCTV is expected to begin renovations in mid-February as MIT makes the space ready and available.
The renovations are expected to cost in the neighborhood of 1.5 million dollars. With an annual budget of around 1 million, they will have to spread the financing over a good portion of the 15 year term (with an option to renew for five additional years).
The new studio will also be next to the new Central Square Theater. Perhaps some synergy will happen between the two new neighbors. There should be plenty of opportunity. We will have to wait and see. This should certainly help put some new spark in that end of Central Square. Now if MIT can get a good tenant in the First floor of the theater, there should be a mini revival on that block.
Economy Hardware is expected to return in smaller quarters at the same location. “We’d love to have the hardware store right next door,” said Fleischmann.
Photo courtesy of City of Cambridge Property Database.