Alexandria Real Estate Equities has secured a 10-year lease extension with Takeda Pharmaceutical Company Limited for 222,925 square feet at 75/125 Binney Street on the Alexandria Center at Kendall Square mega campus in Cambridge, MA. The extension includes significant rental rate increases.  

Alexandria, present in Cambridge since 1999, has over 5.4 million RSF across three mega campuses in Kendall Square. The Kendall Square campus has 2.8 million RSF in operation and future development opportunities.  

In 2015, Alexandria finalized the development of 75/125 Binney Street. In 2019, they effectively monetized the property by selling a 60% partial interest to an institutional investor for $438 million, equivalent to $1,880 per RSF. This partial interest sale exceeded the book value by $202.2 million, achieving a cash capitalization rate of 4.3%.