Cambridge, MA- BioMed Realty, a Blackstone portfolio company and the largest private operator of life science real estate, announced the acquisition of a majority interest in the 75 Broadway project in Cambridge, MA, through a joint venture partnership with the MIT Investment Management Company.
The to-be-built 585,000 square foot development is fully pre-leased to Biogen, a leading biotechnology company with nearly five decades of advancing breakthrough medicines. The property will serve as Biogen’s new global headquarters, consolidating its operations and deepening its connection to the Kendall Square innovation ecosystem.
75 Broadway is expected to span 16 stories and 585,000 square feet, incorporating advanced conservation, efficiency, and sustainable design elements. With this acquisition, BioMed Realty continues to grow its portfolio as one of the largest owners of life science real estate in the Boston-Cambridge region.
“We are thrilled to partner with MIT in the development and activation of this world-class lab and office asset in the heart of Kendall Square,” said Bill Kane, BioMed Realty’s President, East Coast and UK Markets. “75 Broadway will provide mission-critical infrastructure to Biogen that enables the development of the next generation of life-saving medicines and therapies.”
Jacob Werner, Co-Head of Americas Acquisitions at Blackstone Real Estate, said, “This acquisition reflects our continued commitment to lab office investments in premier life science markets, such as Cambridge, MA. We are excited to partner with MIT to deliver prime, purpose-built space for Biogen’s critical research.”
Construction of the 75 Broadway project will begin in 2025 and it will be the first building in the redevelopment of Kendall Common, a 10-acre site that will ultimately include eight buildings for residential, office, lab, retail, and community uses.
The transaction follows BioMed’s recent acquisitions of 150 Second, 11 Hurley and 215 First in Cambridge, and expands the Company’s Boston-Cambridge portfolio to 9.7 million square feet, including operating assets, in-process development, and future development.
