As senior vp of the Institute’s actual property group, the MIT Investment Management Company (MITIMCo), Steve Marsh has labored carefully with the senior administrations of the previous three MIT presidents to steer pioneering actual property efforts which have helped numerous business associates draw Kendall Square, in Cambridge, Massachusetts.
With a eager potential to strategize for innovation cluster growth coupled with a deep deal with funding execution, he oversaw among the metropolitan area’s most advanced land transactions and developments, advancing the Kendall Square ecosystem . Marsh, who joined MIT in 2000, has introduced his retirement from MITIMCo in early 2023.
“Not everyone in our community knows Steve’s name, but they certainly know his impact,” mentioned MIT President L. Rafael Reif. “His contributions to creating Kendall Square essentially the most progressive sq. mile on the planet are simple. He has helped improve the realm’s vibrancy, density and sense of risk – a rare present to the Institute, the town and all the area.
During his tenure, Marsh orchestrated developments in Kendall Square, Central Square, and Cambridgeport, leading to new headquarters for Pfizer, Novartis, Takeda, and house for a lot of different pharmaceutical, life sciences, and know-how corporations. He led the Institute’s multi-year Kendall Square Initiative course of to rework six MIT parking heaps into 1.8 million sq. toes of vibrant mixed-use growth, together with lab and workplace, market and reasonably priced housing, retail and open areas.
Most just lately, Marsh led the acquisition and redevelopment course of for the 14 acre Volpe website. Once accomplished, this growth will embody a brand new headquarters for the John A. Volpe National Transportation Systems Center, 2 million sq. toes of analysis house, 1,400 residential items, retail areas, a neighborhood group heart, open areas and a lane connector for Cambridge residents.
“Steve is a wonderful colleague and fantastic leader who will be sorely missed at MIT,” mentioned MITIMCo President Seth Alexander. “He has created vibrant residential, commercial and community spaces from eyesore and underutilized lots. His work has contributed to a new sense of vitality and purpose in Kendall Square.” Alexander plans to call Marsh’s successor within the coming weeks.
Marsh has served MIT in lots of different methods, together with supporting the enlargement of startup and incubator areas, overseeing educational actual property initiatives such because the institution and growth of the Broad Institute, and the development of the Sidney-Pacific graduate scholar dormitory. and serving as a longtime member of the Institute’s Building Committee.
“Steve’s legacy includes a stronger Cambridge innovation ecosystem and welcoming open spaces, restaurants, a grocery store and a pharmacy in Kendall Square,” mentioned MIT Executive Vice President and Treasurer Glen Shor. “His efforts have also provided significant, sustainable and flexible resources to our budget, furthering our mission as well.”
Along the way in which, Marsh has all the time been conscious of the Cambridge group across the Institute. “Steve really cares about the people who live next door to MIT,” mentioned Sarah Gallop, co-director of Government and Community Relations. “He takes the time necessary to get to know our neighbors and learn about their hopes and concerns. Steve has worked hand-in-hand with city and neighborhood leaders to address important community needs in all of the major real estate developments he has led.”
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Source: information.mit.edu