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One of Massachusetts' largest employers is planning to offload more than half a million square feet of Boston-area real estate in preparation to move into its new global headquarters.
Takeda Pharmaceuticals listed 630K SF for sublease across three Cambridge properties, CoStar first reported. The company plans to vacate roughly 200K SF each at 35 Landsdowne St., 40 Landsdowne St. and 300 Massachusetts Ave.
The move comes as Takeda's new headquarters, BioMed Realty's 585 Kendall St., is gearing up to open.
BioMed, along with Suffolk Construction, celebrated the topping-off ceremony for the Kendall Street building in January 2025. The firm acquired the vacant parcel where it now stands in 2018 for $50.5M.
BioMed also owns the properties on Landsdowne Street and Massachusetts Avenue.
The project has a 400-seat performance space and a 30K SF venue. The developer committed to relocating a gas transfer station on Third Street.
Takeda signed the 15-year lease at the Kendall Street property in 2022.
The pharmaceutical company has been planning to consolidate its campus within Kendall Square and maintain its presence in Lexington, where it occupies 95 Hayden Ave.
Takeda also plans to sublease out roughly 125K SF at 75-125 Binney St. in Cambridge, which is unrelated to its headquarters move but "represents true excess capacity," the Boston Business Journal reported. In 2024, the Japan-based company signed a 10-year lease extension at the Alexandria Real Estate Equities-owned property.
Takeda is the largest life sciences company in Massachusetts with roughly 5,800 local workers. In October, the company laid off 137 Massachusetts workers and discontinued its cell therapy research efforts.
The subleases add to the increasingly high availability rates of life sciences space in the Greater Boston area.
As of the fourth quarter of 2025, the overall Cambridge lab market availability stood at 26.7%, according to CBRE. However, East Cambridge, where Kendall Square is located, saw a lower rate at 20.8%.
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