SOMERVILLE, MA– DivcoWest announced that 250 Water Street at Cambridge Crossing (CX), the new 43-acre neighborhood under construction at the intersection of Cambridge,
Somerville, and Boston, is now fully-leased following an expansion of Bristol Myers Squibb’s
presence in the building.
The global pharmaceutical company is adding the remaining 113,000 square feet to its initial lease, which was announced in August of last year. The brand new 480,000 square-foot state-of-the-art science and technology building recently celebrated its topping off and is expected to be delivered in 2022.
“This is great news for Bristol Myers Squibb, the cities of Somerville and Cambridge, and the Cambridge Crossing development. With Bristol Myers Squibb’s expansion, we look forward to having more of a life sciences presence in Somerville and Cambridge Crossing and the job and economic opportunities that will come with it,” said Somerville Mayor Joe Curtatone.
With the Bristol Myers Squibb expansion, 250 Water Street becomes the fourth science and technology building at CX to be fully leased, following 222 Jacobs Street, where both Philips North America and neuroscience-focused Cerevel Therapeutics currently reside, and 350 and 450 Water Street, where Sanofi will soon consolidate much of its local workforce.
“We are thrilled that Bristol Myers Squibb chose 250 Water Street as a key research and development site to support their mission to discover, develop and deliver innovative medicines that help patients prevail over serious diseases,” said Mark Roopenian, Managing Director at DivcoWest. “We’re proud to be creating best-in-class space at Cambridge Crossing where the top leaders in the industry can pursue cutting-edge research and create life-changing treatments.”
Remaining science and technology space within Cambridge Crossing includes approximately 600,000 square-feet in two future buildings at 441 Morgan Avenue and 121 Morgan Avenue. 441 Morgan Avenue, a 375,000 square-foot science and technology building, is scheduled to break ground later this spring.
With close proximity to Kendall Square, MIT and Harvard, CX is a thoughtfully-designed, vibrant neighborhood and is shaping up to be a dynamic life-science hub that inspires collaboration, innovation and connection. Once complete, the community will provide a one-of-a-kind place for employees, residents and neighbors connected to two MBTA stops, 11 acres of open space, an eclectic food scene, neighborhood retail, and more than 2,400 new residences.
For the lease negotiations, Bristol Myers Squibb was represented by Bob Richards of Cushman Wakefield and Bob Morford of Morford & Dodds Realty. Jarrod Matteson of DLA Piper and Andy Romay of Mayer Brown provided legal representation to DivcoWest and Bristol Myers Squibb, respectively.
Cambridge Crossing (CX) is a 43-acre, 4.5 million-square-foot transit-oriented neighborhood located at the intersection of Cambridge, Somerville, and Boston. Once complete, CX will offer 2.1 million-square- feet of state-of-the-art science and technology space, 2.4 million-square-feet of residential space that includes approximately 2,400 new units, and 100,000 square-feet of local and authentic retail for the community to enjoy.
Eleven acres of activated open and green space, including a central common, will
benefit the thousands of incoming employees, residents, and neighbors adding to the vibrant and innovative East Cambridge and Kendall Square communities. The multiple modes of transportation including two MBTA lines will provide ease of access. Developed by DivcoWest and designed by a renowned team of local architects, CX buildings are/ will be LEED, WELL and Wired certified, while the neighborhood as a whole is pursuing Envision, SITES, WELL Community and Wired Neighborhood certification (CX will be the second Wired Certified Neighborhood in the country, providing seamless connectivity).
Founded in 1993, DivcoWest is a vertically integrated, real estate investment firm headquartered in San Francisco, with offices in Los Angeles, Menlo Park, Boston, Washington DC and New York City.