Image courtesy of Alexandria Real Estate Equities

Moderna’ new global headquarters in Cambridge’s Kendall Square is set for delivery in November under budget, developer Alexandria Real Estate Equities announced.

The 462,100-square-foot life science building at 325 Binney St. project broke ground in fall 2021 and will include the drugmaker’s core R&D functions, including  research space on mRNA treatments for COVID-19 and other diseases.

The development on the edge of the Kendall Square tech cluster is part of the Alexandria Center at One Kendall Square campus. Alexandria estimated development costs at $891 million, according to SEC filings, but did not disclose the potential cost savings.

Powered by a geothermal system, the Moderna headquarters is estimated to use 92 percent less fossil fuels than a conventional lab building with conventional heating and cooling systems.

“We value our longtime strategic relationship with Alexandria, and it has been a privilege to work with their team to develop our new HQ and science center, designed to be the most sustainable laboratory building in Cambridge,” Moderna Chief Financial Officer Jamey Mock said in a statement.

Moderna’s current headquarters are at 200 Technology Square in Cambridge.

As of June 30, Alexandria had 41.1 million square feet of operating properties, and another 5.3 million square feet under construction.

Rising construction costs coupled with declining demand for lab space in Greater Boston are forcing developers and their financial partners to reconsider moving forward with new projects.

Greater Boston has 16 million square feet of lab space under construction, but only 1.6 million square feet of tenant requirements, according to Newmark research. Demand had spiked as high as 5.4 million square feet in late 2021.