MIT has been selected to redevelop one of the most sought after pieces of real estate in Cambridge, if not the country.

The U.S. General Services Administration announced Tuesday it had selected MIT as redevelopment partner for the 14-acre Volpe Transportation Center in Kendall Square. The Volpe campus is composed of six buildings built in the 1960s and is in need of major repairs and alterations.

MIT will be responsible for rebuilding a 400,000 square-foot federal transportation research building on the site. In exchange, MIT will be given ownership to the rest of the parcel, roughly 11 acres, by the federal government to build a development in accordance with Cambridge zoning laws.

Read the full article on Cambridge Wicked Local here.