Biogen’s is consolidating its Cambridge lab space at 75 Broadway in Kendall Square/Image courtesy of Elkus Manfredi Architects
Biogen Inc. will relocate its headquarters to MIT’s new Kendall Square development after leasing 580,000 square feet in the first new lab building at Kendall Common.
Cambridge-based Biogen Inc. will be the sole tenant of the new building, which is scheduled for completion in 2028.
The lease is the first step in Biogen’s consolidation of its Massachusetts real estate footprint, which includes nearly 1.2 million square feet of space in Massachusetts that has expiring leases between 2025 and 2028.
Biogen’s current 808,000 square-foot headquarters is located at 225 Binney St., which is owned by Alexandria Real Estate Equities through a joint venture.
In 2022, Biogen sold its 271,000-square-foot property at 125 Broadway in Cambridge to developer BXP, leasing back the building for over five years.
The company also leases 375,000 square feet at 133 Boston Post Road in Weston, nearly half of which is subleased. Biogen previously announced it would not renew the Weston lease when it expires in May.
Biogen’s consolidation would add more availabilities in East Cambridge’s 15.5 million-square-foot lab market, which hasn’t been immune to the industry’s broader real estate pullback. The submarket had a 17.6 percent vacancy rate at the end of 2024, according to research by brokerage Colliers, but finished the year with over 232,000 square feet of positive absorption.
The new Kendall Square building is part of MIT Investment Management Co.’s redevelopment of the former Volpe Center, a U.S. Department of Transportation office and research center that was acquired to MITIMCo in 2024 for $750 million.
BioMed Realty, a Blackstone portfolio company, is joint venture partner with MITIMCo on the new building.
“This is the place patients around the world look to for lifesaving medicines and with this new facility, Biogen is breaking ground on the future of biomedical innovation and solidifying the Commonwealth’s dominance in health care,” MassBio CEO Kendalle Burlin O’Connell said in a statement.
The lease runs for 15 years, Biogen announced today. Along with corporate functions and research, the building will include an innovation hub that hosts projects with outside partners. The project also includes the Biogen CoLab, a classroom-style lab and collaborative space that will host programs sponsored by local schools, colleges and nonprofits.
In February, Biogen reported fourth quarter revenues of $2.5 billion, up 3 percent on a year-over-year basis.
A closeup of the planned 75 Broadway tower in the MIT Volpe development. Image courtesy of Elkus Manfredi Architects
