The Massachusetts Institute of Technology has closed on its purchase of the massive Volpe Center site in Kendall Square and will now push forward with its plans to turn the federal research park into a vibrant new hub for the booming neighborhood.

MIT on Wednesday signed a $750 million deal with the General Services Administration to buy the 14-acre site and build a new federal transportation research facility there. It will then have the rights to build on the rest of the site, set in the heart of one of the East Coast’s hottest real estate markets.

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