One of the region’s largest life science developers has acquired a sought-after development site in Cambridge’s Kendall Square for $50.5 million.

BioMed Realty Trust said the acquisition of 585 Third St. will continue the growth of Kendall Square’s life science cluster.

The Constellation Charitable Foundation hired CBRE/New England in May to market the 0.8-acre property. The foundation had sought to build a five-hall performing arts center before opting to sell the property and use the proceeds to evaluate other sites. Attempts to develop the property date back to the mid-1990s.

The parcel was part of the Cambridge Research Park development and was tax-exempt until Jan. 1, Cambridge Day reported in April.

BioMed owns more than 3 million square feet of commercial property in Greater Boston with a concentration in life science tenants.

“BioMed Realty is honored to be selected as the developer for parcel C and is excited to move forward with this project, given our existing investment in Kendall Square,” BioMed CEO Tim Schoen said. “For over a decade, we have been working to help make Kendall Square the heart of biotechnology and innovation while simultaneously building a robust community for residents and local businesses alike. We look forward to building on this history and facilitating a process that encourages community engagement and input to expand the arts and cultural component in Cambridge as we move the project forward.”