BioMed Realty has damaged floor on its 600,000-square-foot 585 Kendall life science mission within the Kendall Sq. neighborhood of Cambridge, Mass.
The constructing, also referred to as 585 Third St., has been preleased in its entirety by Takeda Pharmaceutical Co. Ltd. Reportedly the biggest life science employer in Massachusetts, Takeda took a 15-year lease.
A greenback worth on 585 Kendall was not disclosed.
Takeda already occupies area at 650 E. Kendall and can change into that constructing’s sole tenant by increasing into two extra flooring there.
585 Kendall is scheduled for occupancy in 2026 and, along with 600,000 sq. ft of R&D and workplace area, the mission will function a 30,000-square-foot performing arts middle, together with a 400-seat theater, 150-seat commons stage set in an indoor backyard, a rehearsal studio, and ground-floor gathering areas. The constructing will pursue LEED Gold certification.
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The performing arts middle will probably be launched in collaboration with World Arts Dwell, a Cambridge-based nonprofit live performance presenter with 30-plus years of expertise showcasing music and dance from across the globe.
BioMed, a Blackstone portfolio firm, has dedicated to spend $45 million to construct and equip the performing arts middle. The developer and World Arts Dwell have created a brand new nonprofit 501(c)3 group, 585 Arts Inc., and World Arts Dwell will probably be conducting a $15 million fundraising marketing campaign to launch and maintain 585 Arts.
Not simple on the prime
Though the Boston-area life science market’s dominance endures and can proceed, the present state of affairs is combined, with strong preleasing and almost 1 million sq. ft of absorption in current months contrasting with a fast improve in total emptiness and a rising stock of sublease area, based on a third-quarter report from Newmark.
Sublease area now totals 1.4 million sq. ft, and leasing within the third quarter consisted principally of smaller to mid-sized offers, Newmark reported. With scales shifting towards tenants, plus inflation and rates of interest rising, the corporate said, “Upwards of 80 p.c of the 40 million sq. ft of proposed or permitted developments could possibly be curtailed….”
In August, BioMed scored $514 million in development financing for the primary part of its Meeting Innovation Park, a 485,000-square-foot life science mission in Somerville, Mass.
