BOSTON, Nov. 22, 2016 /PRNewswire/ -- Leading life science real estate developer BioMed Realty today announced that Shire Human Genetic Therapies, Inc., a subsidiary of Shire, Plc, will become the next anchor tenant of its iconic 500 Kendall Street building in the heart of Kendall Square. The 12-year lease for 343,000 square feet of office space in the global life science center of Cambridge is an expansion of the existing presence of the biotechnology company, which is focused on serving people with rare diseases and other highly specialized conditions. Shire is expected to move into the building by early 2019, shortly after the scheduled lease expiration with the current tenant.
"We're extremely pleased that Shire is expanding its Cambridge presence with us as a continued real estate partner," said Tim Schoen, CEO and President of BioMed Realty. "500 Kendall Street is one of our most well-known buildings, with its unmatched location in the heart of Kendall Square, providing the ideal space and location for a leading global company like Shire to continue its growth."
Shire also occupies approximately 206,000 square feet at BioMed Realty's 650 East Kendall Street building. Extending into the new space at 500 Kendall Street is the next step for Shire's expansion of its Rare Disease Innovation Hub within Kendall Square, as the global company increases its Cambridge footprint immediately adjacent to 650 Kendall Street. Expanding into 500 Kendall Street will support the company's longer-term growth plans in Cambridge's thriving life science community.
"500 Kendall has been an important part of the biotech landscape since it opened in 2002. It is an architecturally and environmentally significant building, and we are thrilled to establish a home there," said Mike Shires, Head of Global Business Services for Shire. "The proximity to our existing building at 650 Kendall provides us with a unique opportunity to create a campus setting in the heart of the Cambridge life sciences cluster."
"Shire's plans to continue its growth in Cambridge with our expanded partnership is another testament to the vitality of this life science real estate market," said Bill Kane, Senior Vice President of East Coast Leasing at BioMed Realty. "We're seeing continued robust demand for space in and around Kendall Square, Rogers Street and across Cambridge, with companies like Shire recognizing this high demand and securing space in an unmatched location with exceptional amenities where they can grow for many years to come."
Formerly known in Kendall Square as Genzyme Center, 500 Kendall Street was conceived and designed by world-renowned architect Stefan Behnisch and built as Genzyme's headquarters, where Genzyme has been based for the last 12 years. BioMed Realty currently owns and operates approximately 2.6 million of rentable square feet of office and lab space in Cambridge.
About BioMed Realty
BioMed Realty invests in the highest quality institutional real estate to meet the needs of the growing demand across the life science industry. The company owns or has interests in properties comprising approximately 14.3 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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SOURCE BioMed Realty