Alexandria Secures 223 KSF Life Science Lease Extension

March 5, 2024

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Takeda Pharmaceutical Co. will continue to house its scientific research and equipment at this suburban Boston property.

Alexandria Real Estate Equities Inc. has landed a 10-year lease extension at 75/125 Binney St. on the Alexandria Center at Kendall Square mega campus in Cambridge, Mass. An affiliate of Takeda Pharmaceutical Co. is set to continue to occupy 222,925 square feet at the life science property.

Comprising two buildings, 75/125 Binney Street has been designed as one development. A five-story atrium connects the assets and features a café, bridges, terraces and gardens. In 2019, Alexandria monetized the property by selling a 60 percent partial interest to an institutional investor for $438 million.

75/125 Binney St. on the Alexandria Center at Kendall Square mega campus. *Image courtesy of Alexandria Real Estate Equities Inc.*

125 Binney St. is a Class A building that was completed in 2015. Totaling 194,414 square feet, the five-story asset includes 2,200 square feet of retail space, CommercialEdge data shows. The LEED Gold-certified property includes 115,328 square feet of lab space. Takeda is its sole tenant.

Completed in 2014, 75 Binney St. totals 144,668 square feet, the same source indicates. The five-story asset features 2,348 square feet of retail space and 86,800 square feet of lab space. IBM also leases space in 75 Binney St., according to CommercialEdge data.

The property also includes a 400-car, below-ground parking garage. Together, the 75/125 Binney St. buildings take up one full city block.

Downtown Boston is less than 3 miles from the buildings, which are situated at the epicenter of Cambridge’s Kendall Square. The area is known as “the most innovative square mile on the planet,” thanks to a dense concentration of cutting-edge life science companies, renowned universities and research institutions. The life science hub is also home to some of the top life science talent in the nation, influenced by nearby institutions including Harvard University and Massachusetts Institute of Technology.

Takeda will continue to house its scientific research and equipment in the buildings through March 31, 2040.

Alexandria’s Greater Boston presence

As of the end of last year, Alexandria’s national portfolio included 73.5 million square feet. In the Cambridge submarket, the company’s footprint totals more than 5.4 million square feet across three campuses: Alexandria Technology Square, the Alexandria Center at One Kendall Square and the Alexandria Center at Kendall Square.

Late last year, the company landed a long-term lease at 60 Sylvan Road, another life science asset in Greater Boston. A global health-care and pharmaceutical company signed an agreement to occupy 165,940 square feet in the building, situated in the metro’s Route 128 submarket.

Also last year, Alexandria transferred a partial interest in a life science project in Boston that, at the time, marked the largest single-building transaction of its kind in the U.S. in 2023. The funds from the deal were set to be used for the development of another 345,995-square-foot Class A project.