100 Summer St. in Boston totals more than 1 million square feet of office space.
BOSTON—Ironwood Pharmaceuticals, Inc. will be relocating its corporate headquarters from Cambridge to approximately 39,000 square feet of space at 100 Summer St. in Downtown Boston.
The firm, founded in 1998, will shift operations from 301 Binney St. in Cambridge to the 32-story 1.03-million-square-foot tower in Boston.
The lease deal at 100 Summer St. follows Ironwood Pharmaceutical's separation of Cyclerion Therapeutics, Inc. on April 1, 2019. Ironwood had leased more than 200,000 square feet on the first three floors of 301 Binney St. for several years, according to the Boston Globe. Ironwood currently occupies approximately 108,000 square feet of office space located at 301 Binney St.
On April 2, Cambridge-based Cyclerion closed a private placement financing with net proceeds of $165 million and participation from leading biotechnology focused investors and certain members of Cyclerion management.
Ironwood expects the move to Boston be completed in the fourth quarter of 2019, and says it anticipates saving more than $25 million in cash payments to its landlord over the following five years.
“2019 has been a transformative year for Ironwood and this move is the next step in our evolution as we celebrate our new beginning as a streamlined, GI-focused company,” says Mark Mallon, chief executive officer of Ironwood. “We look forward to writing the next chapter in our trajectory as part of Boston's vibrant business community, which is home to a growing number of innovative biotechnology and pharmaceutical companies.”
He adds, “We believe our new space will provide an inspiring work environment for employees, helping to foster a strong culture of innovation and collaboration as we seek to deliver on our mission to develop and commercialize medicines that make a difference for people living with GI diseases.”
Ironwood Pharmaceuticals is a GI-focused healthcare company dedicated to creating medicines that make a difference for patients living with GI diseases. The firm discovered, developed and is commercializing linaclotide, the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC).
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
