Biopharma giant GSK plans to significantly expand its footprint in Cambridge to take over more than 150K SF that was previously occupied by Bristol Myers Squibb.
GSK has agreed occupy 200K SF at 200 Cambridge Park Drive starting in 2024. GSK currently occupies a full floor at the property, according to King Street Properties, which announced the deal.
“We have enjoyed a long-standing relationship with GSK and are excited to support their increasing footprint in the Cambridge area with this lease,” said Chris Rouches, managing director at King Street Properties, in a press release.
Prior to the lease expansion, Bristol Myers Squibb occupied the space, according to a spokesperson. In 2021, the company announced plans to consolidate its offices in Alewife and Kendall Square into a 360K SF space at 250 Water St. (https://www.bizjournals.com/boston/news/2021/04/15/bristol-myers-squibb-expanding-local-footprint-at.html) in Cambridge Crossing.
In 2014, King Street acquired the 221K SF property as part of a $54.5M, two-building deal. The company made plans to redevelop the properties in a $112M project. A year later, King Street sold 200 Cambridge Park Drive to a Morgan Stanley fund for $165.5M, the Boston Business Journal (https://www.bizjournals.com/boston/news/2017/04/20/celgene-to-expand-incambridge-taking-former.html) reported in 2017.
From Taylor Driscoll at Bisnow Boston: