ARIAD Pharmaceuticals finalized a 15-year lease for approximately 244,000 square feet at the Alexandria Center at Kendall Square in Cambridge, MA. The company plans to relocate its corporate and research and development headquarters to 75/125 Binney St. by the first quarter of 2015.
The deal represents ARIAD's expansion and relocation from 26 Landsdowne St., Forest City Enterprises' and Health Care REIT's 100,361-square-foot office building at Univerity Park at MIT in Cambridge.
Owner and developer Alexandria Real Estate Equities Inc. (NYSE: ARE
) is scheduled to deliver the five-story, 366,000-square-foot life science facility at 75/125 Binney in two years. The real estate investment trust said it will fund the project beginning this year on a “leverage-neutral basis.” The new two-tower structure is the second ground-up development at the Alexandria Center at Kendall Square.
The city of Cambridge is also starting the development of Rogers Street Park, which will provide a green space for Alexandria’s tenants and the neighboring community.
The Alexandria Center at Kendall Square will ultimately become an 11-acre science park featuring four ground-up life science developments at 50 Binney St., 75/125 Binney St., 100 Binney St. and 225 Binney St. It will consist of nearly 1.7 million square feet of R&D/office space, as well as new residential buildings totaling approximately 200,000 square feet. The first property, a 305,000-square-foot build-to-suit for Biogen Idec Inc. at 225 Binney, is currently under development and is set to deliver in the fourth quarter of this year.
Alexandria is the owner and operator of 3.4 million square feet of lab/office space in Greater Boston with approximately 100 life science tenants including Abbott Laboratories, Dana-Farber Cancer Institute Inc., Eisai Co. Ltd., GlaxoSmithKline plc, the Massachusetts Institute of Technology, Novartis AG and UMass Memorial Health Care Inc.