The lasting legacy of MITIMCo’s Steve Marsh

As senior vice chairman for the Institute’s actual property group, the MIT Funding Administration Firm (MITIMCo), Steve Marsh has labored intently with the senior administrations of the previous three MIT presidents to steer game-changing actual property efforts that helped appeal to numerous business collaborators to Kendall Sq., in Cambridge, Massachusetts. 

With a eager means to strategize on innovation cluster improvement mixed with a deep give attention to funding execution, he oversaw a number of the most advanced land transactions and developments within the metropolitan area, furthering the Kendall Sq. ecosystem. Marsh, who joined MIT in 2000, has introduced his intention to retire from MITIMCo in early 2023.

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“Not everybody in our group is aware of Steve’s identify, however they definitely know his impression,” says MIT President L. Rafael Reif. “His contributions to creating Kendall Sq. essentially the most modern sq. mile on the planet are unmistakable. He has helped strengthen the realm’s vibrancy, density, and sense of risk — a rare present to the Institute, town, and the whole area.”

Throughout his tenure, Marsh orchestrated developments all through Kendall Sq., Central Sq., and Cambridgeport that resulted in new headquarters for Pfizer, Novartis, Takeda, and house for a lot of different pharmaceutical, life-science, and expertise firms. He led the Institute’s multiyear Kendall Square Initiative course of to remodel six MIT-owned parking tons into 1.8 million sq. ft of vibrant, mixed-use improvement together with lab and workplace, market and inexpensive housing, retail, and open areas.

Most lately, Marsh led the acquisition and redevelopment course of for the 14-acre Volpe site. As soon as accomplished, this improvement will embody a brand new headquarters for the John A. Volpe Nationwide Transportation Methods Middle, 2 million sq. ft of analysis house, 1,400 residential items, retail areas, a neighborhood group heart, open areas, and a job connector for Cambridge residents.

“Steve is a superb colleague and fabulous chief who will likely be sorely missed at MIT,” says MITIMCo President Seth Alexander. “He has created vibrant residential, business, and group areas out of eyesores and underutilized parcels. His work has contributed to a brand new sense of vitality and objective in Kendall Sq..” Alexander plans to call Marsh’s successor within the upcoming weeks.

Marsh has served MIT in lots of different methods, together with supporting the growth of startup and incubator areas, overseeing educational actual property initiatives such because the siting and improvement of the Broad Institute and the development of the Sidney-Pacific graduate scholar dormitory, and serving as a longstanding member of the Institute’s Constructing Committee.

“Steve’s legacy features a stronger Cambridge innovation ecosystem and welcoming open areas, eating places, a grocery retailer, and a pharmacy inside Kendall Sq.,” says MIT Government Vice President and Treasurer Glen Shor. “His efforts have additionally generated vital, sustainable and versatile assets for our finances, likewise advancing our mission.”

Alongside the way in which, Marsh has all the time been conscious of the Cambridge group surrounding the Institute. “Steve actually cares concerning the individuals who reside subsequent to MIT,” says Sarah Gallop, co-director of presidency and group relations. “He takes the time wanted to get to know our neighbors and find out about their hopes and issues. Steve has labored hand in hand with metropolis and neighborhood leaders to handle vital group wants in all the key actual property developments that he has led.”


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