BioMed Realty Announces Landmark Lease with Takeda at 585 Kendall to Accommodate Cambridge Expansion

CAMBRIDGE, Mass.--(BUSINESS WIRE)--BioMed Realty, a leading provider of real estate solutions to the life science and technology industries, today announced that Takeda has leased the entire leading-edge research and development project totaling approximately 600,000 square feet in Kendall Square located at 585 Third Street in Cambridge, Massachusetts. The building is expected to be ready for occupancy in 2026 and will provide 16 stories of advanced and efficient lab office space incorporating industry-leading sustainability features. In addition to the community benefits provided by the project, BioMed and Takeda expect the building to achieve LEED Gold or higher designation.

“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. This significant lease is proof of the growing need for essential infrastructure that enhances collaboration and helps advance vaccine and drug discovery,” said Bill Kane, President, East Coast and U.K. Markets for BioMed Realty. “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.”

The building has been intentionally designed to reflect the multiple uses of the project, while also paying homage to the maritime history of the site and the Canal District. Curved facades reminiscent of the water minimize shadow, boost sunlight, counteract wind corridors, and provide further aesthetic variation for the building. The exterior transitions in color from the public, arts-focused first three floors to the lab and office spaces above. Coordinating design elements such as colors and plantings encourage interplay between indoors and outdoors on the ground floor, creating a unified, all-season park for community members and visitors alike to enjoy.

“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,” said Julie Kim, Takeda’s U.S. Business Unit President and U.S. 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.”

The project is also a culmination of BioMed’s deep-seated commitment to serving as a meaningful community partner. In connection with the development of 585 Kendall, the Company has committed to two community initiatives, including the relocation of a gas transfer station from Third Street to significantly improve the area, and delivery of the long-awaited performing arts center via the development of a 300-seat venue at the base of the building that is operated separately from the lab and office space leased to Takeda. The result of BioMed’s ongoing, community-driven planning approach was the creation of the 585 Arts organization to foster the performing arts. The organization is working with Global Arts Live to help design and operate the theater space in the building. In addition to ticketed events, the theater will offer free programming that is representative of the local market, including clear BIPOC representation, ensuring the general public can enjoy the result of this community-driven process.

“We are proud to expand our relationship with Takeda and look forward to leveraging their similarly strong connection and commitment to the local community," said Colleen O’Connor, Senior Vice President, Leasing, East Coast and U.K. Markets for 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.”

The lab and office space was designed by CBT Architects. CBRE represented BioMed Realty and Cushman & Wakefield represented Takeda in the transaction.

Learn more about BioMed Realty’s Boston-area properties, developments and operations here.

About BioMed Realty
BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. As of March 31, 2022, BioMed owns and operates high quality life science real estate comprising 14.9 million square feet concentrated in leading innovation markets throughout the United States and the United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle, Boulder and Cambridge, U.K. In addition, BioMed maintains a premier in process development platform with 4.6 million square feet of Class A properties in active construction and 5.5 million square feet of future development platform in these core innovation markets to meet the growing demand of the life science and technology industries. To learn more about BioMed Realty, visit biomedrealty.com and follow the company on Twitter @biomedrealty.