BioMed Realty Secures Full-Building Lease at Life Science Project

CAMBRIDGE, MA – BioMed Realty has secured a 600,000-square-foot lease with Takeda, which encompasses the firm’s entire research and development project in Cambridge, MA.

The development, located at 585 Third St. in Kendall Square, will feature 16 stories of advanced and efficient lab office space. Expected to achieve LEED Gold designation, the project will incorporate sustainability features as well as community benefits.

Slated for occupancy in 2026, the project pays homage to the site’s history and the Canal District, while reflecting multiple uses. The property’s first three floors will offer public, arts-focused space, and the remainder of the floors will feature lab and office space that has been designed by CBT Architects.

“Rapid technological and medical innovation has led to continued demand for well-designed, mission critical life science research space concentrated in leading markets like Cambridge,” states Bill Kane, BioMed Realty president of the East Coast and U.K. markets. “This significant lease is proof of the growing need for essential infrastructure that enhances collaboration and helps advance vaccine and drug discovery.”

Kane adds, “Beyond delivering a best-in-class facility for Takeda to execute its life-saving research and development work, we look forward to collaborating closely with the Takeda team to accelerate our commitments to sustainability and to the Cambridge community.”

“As the largest life sciences employer in Massachusetts, Takeda has been building its presence in Kendall Square, which has long been a vibrant biopharma ecosystem,” states Julie Kim, Takeda’s US business unit president and US country head. “As we work to establish one Cambridge campus in Kendall Square in the coming years, the state-of-the-art facility at 585 Kendall will allow us to advance R&D innovation while creating a workplace of the future.”

Through the project and BioMed Realty’s coinciding 585 Kendall development, the firm has committed to two community initiatives, including relocating a gas transfer station from Third St. to improve the area, and delivering a 300-seat performing arts center at the base of the 585 Third St. development. The venue will be operated separately from the building’s lab and office space.

BioMed Realty’s community-driven organization, 585 Arts, is working with Global Arts Live to design and operate the building’s theater space, which will offer ticketed events and free programming that will include BIPOC representation.

“We are proud to expand our relationship with Takeda and look forward to leveraging their similarly strong connection and commitment to the local community,” says Colleen O’Connor, SVP of leasing for the East Coast and U.K. markets at BioMed Realty. “The Cambridge community has been at the forefront of our development plans for this entire project. Even before the inception of the building, BioMed pulled together a strong constituency to help plan and now operate the arts and culture space, which will have a lasting impact on the community.”

For the transaction, CBRE represented BioMed Realty and Cushman & Wakefield represented Takeda.