Pfizer Announces Expansion of Lease Agreement with MIT Subsidiary
News Jul 24, 2015
Pfizer has announced the expansion of its lease agreement with a subsidiary of Massachusetts Institute of Technology, creating a unified Pfizer campus in Kendall Square (KSQ). With this expansion, Pfizer has leased the full 500,000 square feet at 610 Main Street in Kendall Square. This space will continue to house the R&D activities that relocated to 610 Main Street in 2014, and will enable the consolidation of Pfizer’s three other leased spaces in Cambridge into the one campus.
This most recent lease addition secures an added 130,000 square feet of space for potential expansion in the future and will be available for sub-tenancy in 2017. Once the three remote sites are consolidated, 610 Main Street will house approximately 1,000 Pfizer employees.
Pfizer’s R&D efforts in Cambridge will continue to focus on rare diseases, cardiovascular and metabolic disease, inflammation and immunology, neuroscience, and advanced biotherapeutic technologies. The expanded 370,000-plus square foot KSQ research center will help foster a strong laboratory culture, with experimentation and collaboration in the heart of Cambridge’s Kendall Square innovation hub, featuring labs and an open design to help foster breakthrough productivity and innovation that will potentially advance Pfizer’s pipeline.
“We are creating an expansive research facility that will allow for stronger collaborations in the Boston/Cambridge bioscience community and open new doors to unique partnerships,” said Michael Ehlers, M.D., Ph.D., head of Pfizer Cambridge. “As researchers, we work every day to advance the science that creates new transformative medicines for patients in need. By bringing together some of the greatest minds in the industry in an open and flexible environment, we believe we will be poised now more than ever to help accelerate discovery, incubate innovation in creative ways, and increase the pace of innovation.”
“We’re pleased to expand our agreement with Pfizer and continue working together in a highly sophisticated campus that will be mutually beneficial to MIT, Pfizer, other companies, researchers, and the City of Cambridge,” said Steven Marsh, Managing Director for Real Estate at MIT Investment Management Company. “Kendall Square has become a highly productive area for research for companies of all sizes and scale. We believe the more collaborative activity we foster in the community, the more we can help advance innovation and scientific discoveries.”
Building on its long-standing commitment to the Boston region, Pfizer is proud to work collaboratively with leading organizations in the area, including Harvard University, MIT, the Broad Institute, Boston Children’s Hospital and Brigham and Women’s Hospital.