Takeda Pharmaceuticals, a Japanese drug manufacturer, signed a full-building lease for a new BioMed Realty development in Kendall Square.

The 16-story project at 585 Third St., branded as 585 Kendall, is slated to feature 600K SF of research and development space. BioMed, which announced the lease Wednesday morning, expects to complete the project in 2026.

BioMed acquired the 1-acre property for $50.5M in 2018. Along with the lab building, the project is also planned to include a new 300-seat performing arts venue. Additionally, the developer has committed to relocate a gas transfer station on Third Street.

“Rapid technological and medical innovation has led to continued demand for well-designed, mission critical life sciences research space concentrated in leading markets like Cambridge," BioMed President Bill Kane said in a release. "This significant lease is proof of the growing need for essential infrastructure that enhances collaboration and helps advance vaccine and drug discovery."

Takeda also plans to take two more floors in a nearby building it occupies at 650 East Kendall St., the Boston Business Journal reported. The firm plans to transition teams away from several offices it leases in Central Square, but it said it will maintain its presence in Lexington.

CBRE represented BioMed Realty and Cushman & Wakefield represented Takeda in the deal. CBT Architects designed the lab and office space.

A subsidiary of Blackstone, BioMed has rapidly expanded throughout the state's most successful life sciences cluster. It has grown its portfolio to at least 25 properties in Cambridge, according to its website.

This deal is BioMed's second Boston-area leasing win in as many weeks. Last week, the company revealed five new leases were signed at its nearly completed South End lab project.