“By expanding our presence in Cambridge, with its close proximity to best-in-class hospitals, research institutions, universities and a thriving biotechnology community, we will strengthen our ties with the early innovators around us to shape the next generation of breakthrough therapies for patients with high unmet needs,” states Shire CEO Flemming Ornskov, M.D., M.P.H. “These plans signify our continued growth and our deep and enduring commitment to serving patients, families and caregivers across the globe who are affected by rare diseases and highly specialized conditions.”

“We're extremely pleased that Shire is expanding its Cambridge presence with us as a continued real estate partner,” says Tim Schoen, CEO and president of BioMed Realty. “500 Kendall St. is one of our most well-known buildings, with its unmatched location in the heart of Kendall Square, providing the ideal space and location for a leading global company like Shire to continue its growth.”

Bill Kane, SVP of east coast leasing at BioMed Realty, says that there continues to be robust demand for space in and around Kendall Square, Rogers Street and across Cambridge. He adds that Shire's expansion is a testament to the vitality of the life sciences real estate market in Cambridge.

According to Transwestern, the laboratory market in Cambridge and particularly in the East Cambridge Kendall Square area, is very tight. The East Cambridge/Kendall Square market as of the second quarter of this year posted a vacancy rate for lab space of 5.9%, while the availability rate for the nearly 5.58 million-square-foot lab sector was just 2.7%. The region's office market, which totals 7.4 million square feet, registered a third quarter vacancy rate of 2.7% and an availability rate of 3.1%. The office vacancy rate in East Cambridge is at its lowest level since 2000.

Transwestern notes that eight of the top 10 life science firms by market capitalization now have significant operations in the Greater Boston/Cambridge market.

n order to meet the needs and demands of the changing healthcare industry, real estate professionals need to adapt their strategies to new circumstances. Join us at RealShare Healthcare Real Estate on Dec. 7 and 8 for insights on succeeding in both the right markets and product types as well as navigating and finding opportunities in the more challenging ones. Learn more.

CAMBRIDGE, MA—Irish pharmaceutical firm Shire plc plans to establish a rare disease innovation campus in the heart of Kendall Square here. The firm has signed a lease for 343,000 square feet at the former Genzyme headquarters at 500 Kendall St. here.

Shire Human Genetic Therapies, Inc., a subsidiary of Shire, Plc, will become the next anchor tenant of BioMed Realty Trust's 500 Kendall St. building in the heart of Kendall Square. Shire signed a 12-year lease for the building that was formerly known as the Genzyme Center. Genzyme, a subsidiary of pharmaceutical firm Sanofi, has occupied the building for the past 12 years, but signed a lease for 251,234 square feet at 50 Binney St. and will relocate to that property once the Binney Street property is completed.

Shire's lease begins in the third quarter of 2018, with occupancy anticipated in the first quarter of 2019. Shire says the firm plans to hire an additional 400 workers in Massachusetts. Transwestern brokered the lease deal between BioMed and Shire.

Shire also occupies approximately 206,000 square feet at BioMed Realty's adjacent 650 East Kendall St. building. The firm will retain its current office, laboratory and manufacturing space in Massachusetts, including its growing presence in Lexington, where it has been located since 2007 and maintains its U.S operational headquarters. Shire currently employs more than 3,000 people in Massachusetts and has increased the number of employees in the state by more than 670% in the past 11 years, including the creation of more than 700 new jobs in 2015 alone. The company currently occupies more than 2 million square feet of space in Massachusetts.

“By expanding our presence in Cambridge, with its close proximity to best-in-class hospitals, research institutions, universities and a thriving biotechnology community, we will strengthen our ties with the early innovators around us to shape the next generation of breakthrough therapies for patients with high unmet needs,” states Shire CEO Flemming Ornskov, M.D., M.P.H. “These plans signify our continued growth and our deep and enduring commitment to serving patients, families and caregivers across the globe who are affected by rare diseases and highly specialized conditions.”

“We're extremely pleased that Shire is expanding its Cambridge presence with us as a continued real estate partner,” says Tim Schoen, CEO and president of BioMed Realty. “500 Kendall St. is one of our most well-known buildings, with its unmatched location in the heart of Kendall Square, providing the ideal space and location for a leading global company like Shire to continue its growth.”

Bill Kane, SVP of east coast leasing at BioMed Realty, says that there continues to be robust demand for space in and around Kendall Square, Rogers Street and across Cambridge. He adds that Shire's expansion is a testament to the vitality of the life sciences real estate market in Cambridge.

According to Transwestern, the laboratory market in Cambridge and particularly in the East Cambridge Kendall Square area, is very tight. The East Cambridge/Kendall Square market as of the second quarter of this year posted a vacancy rate for lab space of 5.9%, while the availability rate for the nearly 5.58 million-square-foot lab sector was just 2.7%. The region's office market, which totals 7.4 million square feet, registered a third quarter vacancy rate of 2.7% and an availability rate of 3.1%. The office vacancy rate in East Cambridge is at its lowest level since 2000.

Transwestern notes that eight of the top 10 life science firms by market capitalization now have significant operations in the Greater Boston/Cambridge market.

n order to meet the needs and demands of the changing healthcare industry, real estate professionals need to adapt their strategies to new circumstances. Join us at RealShare Healthcare Real Estate on Dec. 7 and 8 for insights on succeeding in both the right markets and product types as well as navigating and finding opportunities in the more challenging ones. Learn more.