Pharmaceutical giant Bristol Myers Squibb is adding to its Boston-area footprint with a massive new lease.

BMS agreed to lease 360K SF with developer DivcoWest at its Cambridge Crossing development, the developer announced Monday night. The New York-based company will occupy a mix of labs and offices at the project's 250 Water St. building, which started construction on spec and is expected to deliver in 2022, the developer said.

“At Cambridge Crossing (CX), our mission is to create a home for innovative companies that inspires collaboration and scientific breakthroughs,” DivcoWest Managing Director Mark Roopenian said in a statement. “CX is designed to be a network of forward-thinking changemakers like Bristol Myers Squibb, and we are proud to create a space for them at 250 Water Street so that they can pursue discoveries that positively transform patients’ lives.”

Bristol Myers needs the space to accommodate growth in its business in the wake of its $74B acquisition of Celgene in 2019, sources told Bisnow.

Its lease is "further validation that life sciences continue to enjoy strong growth prospects and needs for lab and office space that are largely at odds with the overall gloomy picture of office space demand,” Cresa Managing Principal Aaron Subber wrote in an email.

In addition to more than 2M SF of laboratory and office space, Cambridge Crossing will feature 2.4M SF of residential space and 100K SF of retail space and is connected to two stops on the MBTA's Green Line. DivcoWest said there is 110K SF of lab space still available at 250 Water and 600K SF left in future buildings at Cambridge Crossing. 

Philips North America, Sanofi and Cerevel Therapeutics have already signed new leases in the project, which spans the borders of Cambridge, Somerville and Boston.

Cushman & Wakefield Executive Vice Chair Bob Richards and Morford and Dodds Realty founding principal Bob Morford represented BMS in the deal.