Bristol Myers adds on at Cambridge Crossing, settling in even further in bustling Boston-area biotech hub
In the summer of 2020, Bristol Myers Squibb unveiled plans to plant its flag in the bustling biopharma Cambridge Crossing campus on the border of Cambridge, Boston and neighboring Somerville. Now, the Big Pharma is doubling down on that move and giving itself a little extra elbow room to boot.
Last week, BMS expanded its lease to include the remaining eighth and ninth floors of its building at Cambridge Crossing, a move that ensures “future flexibility,” the company said in a statement to Endpoints News.
The company’s 360,000-square-foot lease will merge all of its Cambridge staff into the 250 Water Street location by 2023, the company said. The site will be home to R&D.
“We expect that BMS’ Cambridge facility will remain a major research hub with incredible opportunities for scientific discovery throughout and following this transition,” the statement said.
BMS’ two locations in the area currently are heavily focused on discovery and translation work, with an emphasis on drivers of cancer drug resistance and immune-mediated and fibrotic conditions. The announcement followed Sanofi’s plan to relocate to Cambridge Crossing, in which they inked a deal to take on a two-building, 900,000-square-foot lease for 2,700 employees to call home. Those employees will be brought in from offices around the region, and work in everything from R&D to medical and commercial wings of the company.
All currently available space in the 43-acre neighborhood is now fully leased, following the BMS expansion, according to a release from the project’s website. That marks the fourth science and technology building fully leased, following contracts with Phillips, Cerevel Therapeutics and Sanofi. However, there are two buildings on the way — both on Morgan Avenue — this spring, good for a total of 600,000 square feet of space.
The neighborhood is just a short distance away from Kendall Square, where both companies have offices currently, and is one of many major biotech real estate developments in the Boston area. In January, BioMed Realty announced a deal to create 1.3 million square feet worth of space in Somerville’s Assembly Square, and CDMO Northway opened a $40 million Waltham facility to expand manufacturing capabilities, set to be fully operational by the end of 2021.
In August, CRISPR Therapeutics made a move to take over the 263,500 custom-built R&D center in Boston’s Seaport neighborhood. What started with the vision of a club-like environment meant to bring scientists and entrepreneurs together rapidly changed when Breakthrough Properties landed on the single company to take over the space. The move highlighted just how precious office space is in key biotech hubs.