{"id":1004609429,"date":"2022-10-31T04:07:06","date_gmt":"2022-10-31T12:07:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004609429"},"modified":"2022-12-09T01:49:39","modified_gmt":"2022-12-09T09:49:39","slug":"art-meets-science-biomed-realty-breaks-ground-on-boston-area-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/art-meets-science-biomed-realty-breaks-ground-on-boston-area-project\/","title":{"rendered":"Art Meets Science: BioMed Realty Kickstarts Boston-Area Project"},"content":{"rendered":"
\"585<\/a>

585 Kendall groundbreaking. Image courtesy of BioMed Realty<\/p><\/div>\n

BioMed Realty<\/strong> has broken ground on its 600,000-square-foot 585 Kendall life science project in the Kendall Square neighborhood of Cambridge, Mass.<\/p>\n

The building, also known as 585 Third St., has been preleased in its entirety<\/a> by Takeda Pharmaceutical<\/strong> Co. Ltd. Reportedly the largest life science employer in Massachusetts, Takeda took a 15-year lease.<\/p>\n

A dollar value on 585 Kendall was not disclosed.<\/p>\n

Takeda already occupies space at 650 E. Kendall and will become that building\u2019s sole tenant by expanding into two more floors there.<\/p>\n

585 Kendall is scheduled for occupancy in 2026 and, in addition to 600,000 square feet of R&D and office space, the project will feature a 30,000-square-foot performing arts center, including a 400-seat theater, 150-seat commons stage set in an indoor garden, a rehearsal studio, and ground-floor gathering spaces. The building will pursue LEED Gold certification.<\/p>\n

\n

READ ALSO<\/strong>: Life Science Outlook Remains Strong<\/a><\/p>\n

\n

The performing arts center will be launched in collaboration with Global Arts Live<\/strong>, a Cambridge-based nonprofit concert presenter with 30-plus years of experience showcasing music and dance from around the globe.<\/p>\n

BioMed, a Blackstone<\/strong> portfolio company, has committed to spend $45 million to build and equip the performing arts center. The developer and Global Arts Live have created a new nonprofit 501(c)3 organization, 585 Arts<\/strong> Inc., and Global Arts Live will be conducting a $15 million fundraising campaign to launch and sustain 585 Arts.<\/p>\n

Not easy at the top<\/h2>\n

Although the Boston-area life science market\u2019s dominance endures and will continue, the current situation is mixed, with solid preleasing and nearly 1 million square feet of absorption in recent months contrasting with a rapid increase in overall vacancy and a rising inventory of sublease space, according to a third-quarter report from Newmark<\/strong>.<\/p>\n

Sublease space now totals 1.4 million square feet, and leasing in the third quarter consisted mostly of smaller to mid-sized deals, Newmark reported. With scales shifting toward tenants, plus inflation and interest rates rising, the company stated, \u201cUpwards of 80 percent of the 40 million square feet of proposed or permitted developments could be curtailed\u2026.\u201d<\/p>\n

In August, BioMed scored $514 million<\/a> in construction financing for the first phase of its Assembly Innovation Park, a 485,000-square-foot life science project in Somerville, Mass.<\/p>\n","protected":false},"excerpt":{"rendered":"

Takeda Pharmaceutical will fully occupy the life science development, which will also feature a performing arts center. <\/p>\n","protected":false},"author":882,"featured_media":1004609447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21808,21752,21742,10,21747],"tags":[32854,32892,50999],"class_list":["post-1004609429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-featured","category-mixed-use","category-latest","category-northeast","category-office","tag-biomed-realty","tag-blackstone","tag-newmark"],"acf":[],"yoast_head":"\nArt Meets Science: BioMed Realty Kickstarts Boston-Area Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"BioMed Realty has broken ground on the 585 Kendall life science project in the Kendall Square neighborhood of Cambridge, Mass.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/art-meets-science-biomed-realty-breaks-ground-on-boston-area-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Art Meets Science: BioMed Realty Kickstarts Boston-Area Project\" \/>\n<meta property=\"og:description\" content=\"BioMed Realty has broken ground on the 585 Kendall life science project in the Kendall Square neighborhood of Cambridge, Mass.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/art-meets-science-biomed-realty-breaks-ground-on-boston-area-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-31T12:07:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:49:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/585-Kendall-groundbreaking.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"807\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/art-meets-science-biomed-realty-breaks-ground-on-boston-area-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/art-meets-science-biomed-realty-breaks-ground-on-boston-area-project\/\",\"name\":\"Art Meets Science: BioMed Realty Kickstarts Boston-Area Project - 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