Image courtesy DivcoWest
Bristol-Myers Squibb will consolidate a pair of Cambridge facilities at a new 504,000-square-foot office-lab building under construction at Cambridge Crossing, becoming the fourth major commercial tenant of the DivcoWest development.
The drugmaker leased 360,000 square feet in the speculative development at 250 Water St., according to a report in the Boston Business Journal. The East Cambridge facility will replace its Kendall Square and Alewife research facilities in the first half of 2023, Bristol-Myers Squibb states on a company web page.
New York-based Bristol Myers Squibb opened a research center at 100 Binney St. in 2018, replacing a Waltham lab facility, and has a research center in Alewife and a 183,000-square-foot biologics manufacturing plant at Devens.
Bristol-Myers Squibb did not immediately respond to a request for comment. In an announcement, DivcoWest said the lease leaves 110,000 square feet of office-lab space available at 250 Water St., and 600,000 square feet approved for two future commercial buildings.
Cushman & Wakefield’s Bob Richards represented Bristol-Myers Squibb in the lease transaction in collaboration with Morford and Dodd’s Realty.
Cambridge Crossing, which spans 43 acres on the Boston-Cambridge-Somerville line, signed its first major commercial tenant in Philips North America, which leased 243,000 square feet at 250 North St. in 2018. The first life science tenant, French drugmaker Sanofi, leased 900,000 square feet in December 2018, and Pfizer spinoff Cerevel Therapeutics leased 60,000 square feet in 2019 at 222 Jacobs St.
The 9.5 million-square-foot East Cambridge submarket retains its position as home to the region’s priciest lab space, with average asking rents of $92.59 per square foot on a gross basis, according to CBRE’s second-quarter MarketView report.
