One of the most prominent biotech companies is consolidating Cambridge operations with a full-building lease at a new Kendall Square development.

Biogen signed a 585K SF lease at the 75 Broadway St. development in Cambridge, the company announced Monday morning. It plans to move to the building in 2028 as its global headquarters.

Biogen today occupies 992K SF across three leased and owned buildings in Kendall Square and plans to cut more than 400K SF from its local footprint with the move, The Boston Globe reported.

"Our new space will support the advancement of our pipeline of breakthrough medicines by bringing our employees together and fostering collaboration with leading scientific minds, key partners, and top talent," Biogen CEO Christopher Viehbacher said in a statement.

Also Monday morning, BioMed Realty, a Blackstone portfolio company, announced it acquired a majority interest in the 75 Broadway St. project with partner MIT Investment Management Co.

BioMed said construction on the 16-story project will begin this year. It is the first building in the 10-acre Kendall Common mixed-use project, which is planned to comprise 3M SF across eight buildings. It is a redevelopment of a former U.S. Department of Transportation facility, which began demolition last year after the new $530M John A. Volpe National Transportation Systems Center opened nearby.

"We are thrilled to partner with MIT in the development and activation of this world-class lab and office asset in the heart of Kendall Square," BioMed President Bill Kane said in a statement. "75 Broadway will provide mission-critical infrastructure to Biogen that enables the development of the next generation of life-saving medicines and therapies."

Late last year, the Boston Business Journal reported that MIT and Biogen were in advanced talks for the biotech company to lease the space. Biogen plans to relocate from leased spaces at BXP's 225 Binney St. and 125 Broadway. The company also owns the building at 115 Broadway, and it is uncertain what it will do with the property.

The lease comes amid challenges for the region's life sciences market after the pandemic-era biotech boom fizzled out. Vacancy continues to rise, standing at 23.3% at the end of 2024, with mostly smaller tenant requirements of 25K SF or fewer active in the market, according to CBRE.

BioMed's acquisition comes after it bought several buildings in the region, including 730-750 Main St. in Cambridge for $361M in October and three other properties in Kendall from Alexandria Real Estate Equities in January for $250M.

"This acquisition reflects our continued commitment to lab office investments in premier life science markets, such as Cambridge, MA," Jacob Werner, co-head of Americas acquisitions at Blackstone Real Estate, said in a statement.