Business

AVEO Pharmaceuticals is relocating to Kendall Square

BioMed Realty Trust Inc., a California real estate firm that is a Kendall Square landlord, said Thursday that AVEO Pharmaceuticals Inc. has signed a 12-year lease to relocate its operations to 650 East Kendall St. in Cambridge.

AVEO currently occupies space at three Cambridge addresses on Sidney and Emily streets near Massachusetts Avenue, an AVEO spokesman said. Moving to Kendall Square, a hotbed for life sciences companies, will enable AVEO to consolidate operations under one roof and have more room.

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AVEO is in the midst of a yearlong hiring spree, with plans to add 120 new employees in 2012. AVEO’s current head count is about 250, the company spokesman said.

The growth spurt comes as AVEO is preparing to submit an application to the Food and Drug Administration for a drug candidate designed to treat kidney cancer. Called tivozanib, the drug candidate is being co-developed by AVEO and Astellas Pharma Inc.

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At 650 East Kendall St., AVEO will occupy 126,000 square feet of space. The move is expected to be completed by the third quarter of 2013, the AVEO spokesman said.

With 280,000 square feet of space, the six-story research facility at 650 East Kendall St. is owned through BioMed Realty’s joint venture with Prudential Real Estate Investors on behalf of institutional investors. Headquartered in San Diego, BioMed is a real estate investment trust that is focused on providing lab and office space to the life sciences industry.

The Kendall Square lease was brokered by Richards Barry Joyce & Partners, a Boston real estate firm that represented both BioMed Realty and AVEO in the transaction.

Chris Reidy can be reached at reidy@globe.com.
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