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Alexandria Real Estate Equities, Inc. Announces the Launch of Alexandria GradLabs, a 98,000 RSF Development Anticipated to Deliver in 2020, at Its Campus Pointe Mega Campus
PASADENA, Calif., Feb. 28, 2019 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation clusters, today announced the launch of its newest proprietary product, Alexandria GradLabs™, at 9880 Campus Point Drive, a 98,000 RSF development project in San Diego where vertical construction is now underway. Alexandria GradLabs is a highly flexible, first-of-its kind life science platform designed to provide post-seed-stage life science companies with turnkey, fully furnished office/laboratory suites and an accelerated, scalable path for growth. Alexandria has executed an initial lease at 9880 Campus Point Drive, where it is experiencing strong demand for the Alexandria GradLabs offering. With an initial delivery projected in 2020, 9880 Campus Point Drive is the most recent addition to the company's flagship San Diego campus, Campus Pointe by Alexandria. The campus also has future value-creation development and redevelopment opportunities aggregating 697,000 RSF to create a 1.6 million RSF mega campus.
"As a garage startup with $19 million in Series A capital, Alexandria pioneered the life science real estate niche with its founding and the acquisition of our first assets in San Diego's Torrey Pines submarket in 1994," said Joel S. Marcus, executive chairman and founder of Alexandria Real Estate Equities, Inc. and Alexandria Venture Investments. "Through the successful execution of our cluster campus strategy and the thoughtful curation of campus amenities, we have led the transformation of San Diego into one of the country's top life science clusters while also cultivating a strong, diverse and high-quality tenant base that drives increasing high-quality cash flows. San Diego has long been known for its global leadership in genomics and R&D, its premier research institutions, its wealth of serial entrepreneurs and its collegial spirit. Now, its life science industry is poised to drive the next round of innovation, and we are continuing to provide the cluster's trailblazing life science companies with the infrastructure, capital and thought leadership they will need to support the discovery and development of medicines and technologies that will ultimately improve the way people live and reduce the economic burden of disease on society. We are immensely proud that one of the very first effective lifesaving antiretroviral therapies for the treatment of HIV and AIDS, Viracept, was developed in one of our San Diego laboratories."
Today, Alexandria is San Diego's preeminent owner, operator and developer of life science and technology campuses at the cutting edge of innovative workplace design and efficiency. Campus Pointe by Alexandria, a highly sustainable, amenity-rich campus in the heart of the University Town Center submarket, is anchored by Eli Lilly and Company, Celgene Corporation and UC San Diego and offers the prime location to introduce Alexandria GradLabs.
"We are seeing a significant need for laboratory and office space from promising life science companies that have outgrown or will soon outgrow incubator space in our cluster," said Dan Ryan, co-chief investment officer and San Diego regional market director. "Our intention with Alexandria GradLabs is to provide immediately occupiable, efficient and highly flexible life science workspaces, complete with the outstanding amenities and laboratory resources more commonly enjoyed by large biotechnology and pharmaceutical companies, to further nurture the growth of San Diego's next leading innovators and accelerate the pace of innovation that is critical for translating discoveries into products to help patients."
Alexandria GradLabs will feature a modern, inspiring design; a communal gathering and event space; and on-site shared laboratory equipment. These features will be complemented by Campus Pointe by Alexandria's existing collection of exceptional amenities, including Green Acre, Brian Malarkey's farm-to-table eatery; a sophisticated conference center; a fully equipped fitness center, accompanied by a regulation-size soccer field and outdoor walking trails; and an organic farm. The campus's proximity to the future Mid-Coast Trolley station reflects Alexandria's prioritization of sustainable and healthy commuting options in this transit-oriented development project. The new building, which is targeting a minimum of LEED® Gold certification, will employ many sustainable design principles.
As of December 31, 2018, the company's San Diego operating asset base consisted of approximately 5 million RSF across its in-demand campuses, which support a full range of high-quality tenants, including multinational pharmaceutical companies such as Eli Lilly and Company and Takeda Pharmaceutical Company Ltd.; public life science companies such as Celgene Corporation and Vertex Pharmaceuticals, Inc.; private life science companies such as Metacrine, Inc. and Vividion Therapeutics, Inc.; life science product, service and device companies such as Illumina, Inc. and Tandem Diabetes Care, Inc.; and institutional entities such as the Sanford Burnham Prebys Medical Discovery Institute, Scripps Research and UC San Diego. With an additional 1.1 million RSF undergoing construction and pre-construction targeted for delivery through 2022, as well as nearly 700,000 RSF of future development, Alexandria is well positioned to provide its tenants with expansion opportunities and to enhance their ability to attract and retain the highest-quality employees.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, with a total market capitalization of $18.4 billion and an asset base in North America of 33.1 million SF as of December 31, 2018. The asset base in North America includes 22.4 million RSF of operating properties and 3.9 million RSF of development and redevelopment of new Class A properties currently undergoing construction and preconstruction activities with target delivery dates ranging from 2019 through 2020. Additionally, the asset base in North America includes 6.8 million SF of intermediate-term and future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science and technology 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 and technology companies through our venture capital arm. 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 additional information on Alexandria, please visit www.are.com.
CONTACT: Sara Kabakoff, AVP – Corporate Communications, Alexandria Real Estate Equities, Inc., (626) 788‑5578
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SOURCE Alexandria Real Estate Equities, Inc.