PASADENA, Calif., June 25,
2024 /PRNewswire/ -- Alexandria Real Estate Equities,
Inc. (NYSE: ARE), the first, preeminent, longest-tenured and
pioneering owner, operator and developer of collaborative life
science mega campuses in AAA innovation cluster locations, today
announced that a top 20 pharmaceutical company and longstanding
credit tenant has increased its San
Diego footprint by nearly 53% with the execution of a
10-year lease for 127,382 RSF, with significant expansion options,
for a new R&D center at 10075 Barnes Canyon Road on the SD Tech
by Alexandria mega campus in the
Sorrento Mesa submarket of San
Diego. Purposefully curated to enable its tenants to
attract, retain and inspire top talent, this mega campus provides
an exceptional suite of bespoke amenities, which include multiple
eateries, a health and wellness center, premier meeting and
conference spaces, an expansive lawn and a seven-acre central
park.
With this strategic anchor lease, the 253,079 RSF Class A+
development, which is targeting LEED Gold Core & Shell and
Fitwel certifications, is now 70% leased ahead of its anticipated
initial delivery in 2025. The lease also brings Alexandria's 1.2 million RSF pipeline of under
construction mega campus development projects in San Diego to 94% leased, demonstrating the
advantages of the company's differentiated mega campus platform and
leading life science industry brand.
Alexandria — the pioneer and
first mover in life science real estate — entered the San Diego region in June 1994, and for the past three decades, it has
been at the vanguard of driving the development, expansion and
transformation of the region into one of the nation's top life
science clusters. Through Alexandria's strategic, long-term focus on
aggregating high-quality assets into desirable, well-located mega
campuses like SD Tech and forming trusted relationships within the
life science community, the company has established a dominant and
highly respected market presence in the heart of the San Diego
Science Sector, which primarily comprises the Torrey Pines, University Town Center and
Sorrento submarkets. As of March 31,
2024, Alexandria's
irreplicable asset base in San
Diego consists of 14.3 million RSF, with 7.8 million RSF in
operation that is 95.2% occupied, outperforming market
occupancy.
About Alexandria Real Estate Equities, Inc.
Alexandria
Real Estate Equities, Inc. (NYSE: ARE), an S&P
500® company, is a best-in-class, mission-driven
life science REIT making a positive and lasting impact on the
world. As the pioneer of the life science real estate niche since
our founding in 1994, Alexandria
is the preeminent and longest-tenured owner, operator and developer
of collaborative life science mega campuses in AAA innovation
cluster locations, including Greater
Boston, the San Francisco Bay
Area, San Diego,
Seattle, Maryland, Research Triangle and New York City. Alexandria has a total market capitalization
of $34.4 billion and an asset base in
North America of 74.1 million SF
as of March 31, 2024, which includes
42.2 million RSF of operating properties, 5.3 million RSF of Class
A/A+ properties undergoing construction and one committed near-term
project expected to commence construction in the next two years,
2.5 million RSF of priority anticipated development and
redevelopment projects, and 24.1 million SF of future development
projects. Alexandria has a
longstanding and proven track record of developing Class A/A+
properties clustered in life science mega campuses that provide our
innovative tenants with highly dynamic and collaborative
environments that enhance their ability to successfully recruit and
retain world-class talent and inspire productivity, efficiency,
creativity and success. Alexandria
also provides strategic capital to transformative life science
companies through our venture capital platform. We believe our
unique business model and diligent underwriting ensure a
high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher
returns and greater long-term asset value. For more information on
Alexandria, please
visit www.are.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation,
statements regarding the impact of Alexandria's mega campus on its tenants'
ability to attract, retain and inspire top talent; LEED and healthy
building certifications; and the features and amenities of the SD
Tech by Alexandria mega campus.
These forward-looking statements are based on Alexandria's present intent, beliefs or
expectations, but forward-looking statements are not guaranteed to
occur and may not occur. Actual results may differ materially from
those contained in or implied by Alexandria's forward-looking statements as a
result of a variety of factors, including, without limitation, the
risks and uncertainties detailed in its filings with the Securities
and Exchange Commission. All forward-looking statements are made as
of the date of this press release, and Alexandria assumes no obligation to update
this information. For more discussion relating to risks and
uncertainties that could cause actual results to differ materially
from those anticipated in Alexandria's forward-looking statements, and
risks and uncertainties to Alexandria's business in general, please refer
to Alexandria's filings with the
Securities and Exchange Commission, including its most recent
annual report on Form 10-K and any subsequently filed quarterly
reports on Form 10-Q.
CONTACT: Joel S. Marcus, Executive Chairman
& Founder, (626) 578-9693, jmarcus@are.com
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SOURCE Alexandria Real Estate Equities, Inc.
