The Massachusetts Institute of Technology will pay $750 million to gain the rights to redevelop the Volpe Center 14-acre land parcel in Kendall Square, MIT and the U.S. General Services Administration announced this morning. The parcel is the last major undeveloped area in Kendall, and the timing of the agreement reflects a concerted push to finish the deal in the last days of the Obama administration after a multi-year procurement process to select a bidder.

The institute’s first task is a new building for the Department of Transportation; the cost will be subtracted from the $750 million, and MIT will pay the difference to the government after completion. The building will be designed by Skidmore, Owings & Merrill, an 80-year-old international architectural firm that completed the new Los Angeles federal courthouse last year.

Read the full article on Cambridge Day here.