Real Estate, deals, Life Sciences

Novartis Leases Cambridge Property

Ryan McBride 5/8/09

Swiss drug giant Novartis has signed a long-term lease on property at 181 Massachusetts Ave.,  in Cambridge, MA, according to a report today in the Boston Globe. MIT reportedly owns the land, where it has a two-acre parking lot. Novartis, which already has the global headquarters of its R&D unit, Novartis Institutes for BioMedical Research, in Cambridge, has no immediate plans to develop the land it has leased, company spokesman Jeffrey Lockwood says.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.