Major biotech firm Ironwood Pharmaceuticals plans to relocate its headquarters to a new office in downtown Boston from its current location in Cambridge’s Kendall Square.

Ironwood’s new headquarters will occupy approximately 39,000 square feet at 100 Summer St. The firm anticipates the move to be completed in the fourth quarter of 2019, and expects to save more than $25 million in cash payments to its landlord over the following five years.

“2019 has been a transformative year for Ironwood and this move is the next step in our evolution as we celebrate our new beginning as a streamlined, GI-focused company,” Ironwood CEO Mark Mallon said in a statement. “We look forward to writing the next chapter in our trajectory as part of Boston’s vibrant business community, which is home to a growing number of innovative biotechnology and pharmaceutical companies. We believe our new space will provide an inspiring work environment for employees, helping to foster a strong culture of innovation and collaboration as we seek to deliver on our mission to develop and commercialize medicines that make a difference for people living with GI diseases.”

After shedding Cyclerion Therapeutics Inc. on April 1, the company no longer needed as much of the 108,000 square feet it occupies 301 Binney St. in Cambridge. Ironwood has signed a multi-year lease into 2030 for the new location.