Ironwood Pharmaceuticals Inc., long-rumored to be headed to the South Boston Innovation District championed by Mayor Thomas Menino, has instead extended its existing lease at 301 Binney St. in Cambridge, and even expanded its presence there in the process.
According to the Boston Globe, Ironwood's additional 93,000 square feet of space at the Kendall Square site will bring its total 301 Binney St. footprint to approximately 300,000 square feet. The property is owned by BioMed Realty Trust, a San Diego-based real estate investment trust and owner of one of the largest property portfolios in Cambridge. The 2-year extension and expansion are expected to provide Ironwood the time and space to finalize the development of its lead therapy, a potential treatment for irritable bowel syndrome.
Ironwood's existing lease was set to expire in 2016, according to the Globe report.
Rumors surrounding Ironwood's potential move from Cambridge and into South Boston picked up this summer on the heels of Vertex Pharmaceuticals' advances in developing over 1 million square feet for a new facility in the area. The district has been a top priority for the mayor, who has lobbied hard to lure a critical mass of technology and life sciences firms as the neighborhood is redeveloped.