The U.S. General Services Administration (GSA) has signed a $750 million exchange agreement with the Massachusetts Institute of Technology (MIT), paving the way for the redevelopment of the 14 acres of land in Cambridge, Massachusetts, owned by the U.S. Department of Transportation.

The agreement allows for the construction of a new Volpe facility on a portion of the property in Kendall Square that will be retained by the federal government.

In exchange, the agreement allows MIT to redevelop the remainder of Volpe’s campus after the construction of Volpe’s new facility. The new Volpe facility will be designed by Skidmore, Owings, and Merrill.

“We look forward to continuing Volpe’s role as a key contributor to the outstanding technology research and development happening in Kendall Square,” said Volpe director Anne Aylward. “We are excited to work with GSA and MIT in designing a facility where we will continue to advance transportation innovation for the public good.”

Aerial view of the Volpe property in Cambridge, Massachusetts. (GSA photo)