Garibaldi Helps Fortune 500 Pharma Firm Open New Facility
Reposted from GlobeSt.com – As part of a reorganization of its research and development operations, Bristol-Myers Squibb Co. announced plans to open a new research facility in Kendall Square here, as well as expand its presence in San Francisco and open a new facility in Connecticut.
The New York City-based pharmaceutical company is in lease negotiations with Alexandria Real Estate Equities, Inc. of Pasadena, CA to become the anchor tenant at 100 Binney St., a 431,500-square-foot research and laboratory building to be developed at the Alexandria Center at Kendall Square. Alexandria reports that Bristol-Myers Squibb will lease 208,000 square feet of space at the to be developed building. Construction on the property is expected to begin next month. Work on the building is to be finished in the fourth quarter of 2017, with an opening planned sometime in 2018.
According to Bristol-Myers Squibb spokesperson Sarah Koenig, the company plans to relocate up to 200 positions from its Wallingford, CT site, another 100 positions from its Waltham, MA site and a limited number from its central New Jersey locations to the new Cambridge property. She adds that the company expects to recruit scientists from the Cambridge area. The Waltham site is expected to close in early 2018. The existing site in Wallingford will also close in early 2018 with up to 500 employees relocating to a new unspecified location in Connecticut.
Bristol-Myers Squibb is being represented by Bob Richards, partner, Transwestern | RBJ. The pharmaceutical company is also being represented by two firms that work with them on a national basis—Morford & Dodds Realty and The Garibaldi Group. CB Richard Ellis is representing Alexandria Real Estate Equities. A spokesperson for Alexandria Real Estate Equities would not reveal the development cost for the 100 Binney St. property. Bristol-Myers Squibb and Alexandria Real Estate Equities, Inc. have a signed letter of intent for the Cambridge location and expect to sign a lease in the near future.
The company also detailed its ongoing site expansion in the San Francisco Bay Area, which will add 61,000 square feet of laboratory and office space at the Woodside Technology Park life science campus. The expansion is expected to be completed in 2016. In connection with its expansion in San Francisco, approximately 40 Bristol-Myers Squibb scientists will relocate there from its Seattle site. The company states that it will also recruit scientists from the Bay area. The site expansion is expected to be completed in 2016.
Bristol-Myers also announced plans to discontinue discovery research efforts in virology. The decision does not impact the company’s “promising” ongoing clinical development program in virology, nor does it impact the company’s marketed products in virology, the company states.
“In addition to investments in central New Jersey, our new location in Cambridge and our expanding presence in the San Francisco Bay area positions the company and our scientists in the heart of vibrant ecosystems of world class science, innovation and business opportunities, which offer ideal environments for fostering external collaboration,” says Francis Cuss, Mb BChir, executive vice president and chief scientific officer, Bristol-Myers Squibb. “Ultimately, our goal is to continue to accelerate the translation of scientific knowledge and insights into the next wave of potentially transformational medicines for patients with serious diseases.”
“Bristol-Myers Squibb is one of the world’s most respected biopharmaceutical companies because it continues to be a leading pioneer in identifying innovative treatments for serious diseases,” says Joel S. Marcus, chairman, CEO, and founder of Alexandria Real Estate Equities. “We are truly honored to partner with Bristol-Myers Squibb, and welcome its top-notch R&D team to its new home in our Cambridge Kendall Square innovation cluster.”
100 Binney St., located at the intersection of Binney and Second streets, will feature glass facades and urban skyline views as well as underground parking garages with car-share services, on-site covered bike parking, as well as access to the Green and Red Lines, MBTA stops, and EZRide shuttle service.
The Alexandria Center at Kendall Square is an 11-acre, urban campus with approximately 1.6 million rentable square feet of high-quality office and laboratory space. Alexandria is the owner and operator of approximately 5.2 million rentable square feet of laboratory and office space (including development and redevelopment assets) located adjacent to major academic medical research centers in the greater Boston area.