RCP acquired the 31-acre site encompassing 26, 50, and 62 Forest Street in December 2023 through an off-market transaction at a significant discount to replacement cost, recognizing an opportunity to unlock value through strategic repositioning and redevelopment.
RCP plans to stabilize the existing office building at 26 Forest Street, which is currently home to a diverse mix of tenants, while advancing the multifamily redevelopment of 50 and 62 Forest Street. Leveraging Redgate’s pre-development and entitlement expertise, municipal relationships, and local market knowledge, the team secured unanimous City Council approval in July 2026 to rezone the property, which was previously limited to commercial and industrial uses. The rezoning established an overlay district allowing for the development of up to 450 multifamily units while preserving the larger, more highly leased office building and enabling the removal of the second office building.
Upon completion, the repositioned Forest Street campus in Marlborough will transform underutilized assets into a vibrant mixed-use community.
