PASADENA, Calif., March 4,
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 an affiliate of Takeda Pharmaceutical Company
Limited, a top 20 global biopharmaceutical company and longstanding
credit tenant, has executed a 10-year lease extension through
March 31, 2040 with strong rental
rate increases for 222,925 RSF at 75/125 Binney Street on the
Alexandria Center® at Kendall Square mega campus in the
Cambridge submarket. Takeda's
research and development site is a key component of its global
R&D center in Greater Boston,
which is focused on advancing highly innovative medicines across
its four core therapeutic areas: oncology, rare diseases,
neuroscience and gastroenterology. This significant early renewal
demonstrates Takeda's long-term commitment to the Alexandria
Center® at Kendall Square mega campus and importantly
highlights the essential nature of Alexandria's Labspace®
infrastructure, which the patient-focused, R&D-driven
pharmaceutical company relies on to house and help safeguard its
highly valuable, mission-critical scientific research and
equipment.
Alexandria entered the
Cambridge submarket in 1999 and
strategically aggregated an irreplicable footprint that currently
consists of over 5.4 million RSF in operation across three premier
mega campuses — Alexandria Technology Square®, the
Alexandria Center® at One Kendall Square and the
Alexandria Center® at Kendall Square. These mega
campuses are ideally located in the epicenter of Cambridge's Kendall Square, widely known as
"the most innovative square mile on the planet," which boasts a
dense concentration of cutting-edge and very diversified life
science companies, leading universities and renowned research
institutions, as well as the deepest life science talent pool in
the nation. With 2.8 million RSF of operating properties and
approximately 216,000 RSF in future development opportunities as of
December 31, 2023, the Alexandria
Center® at Kendall Square mega campus has been
purposefully positioned to meet the immediate need for space and
provide a path for future growth for some of the world's most
innovative life science companies, such as Takeda.
Alexandria provides Takeda with
essential, integrated laboratory and adjacent nontechnical
infrastructure to enable the company's efforts to discover, develop
and deliver life-changing therapies for patients worldwide and
recruit and retain top life science talent. As part of the lease
extension at the LEED Gold certified research facility,
Alexandria and Takeda will
collaborate to enhance the environmental performance and
sustainability attributes of the building through a variety of
strategic efforts, including promoting occupant health and
wellness, prioritizing energy efficiency and reducing water
usage.
Alexandria completed the
development of 75/125 Binney Street in 2015 and successfully
monetized the property in 2019 through a 60% partial interest sale
to an institutional investor for $438
million, or $1,880 per RSF.
The partial interest sale represented $202.2
million in excess of book value and a 4.3% cash
capitalization rate, supporting the company's objective to provide
long-term value for its stockholders.
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, New York City,
San Diego, Seattle, Maryland and Research Triangle. Alexandria has a total market capitalization
of $33.1 billion and an asset base in
North America of 73.5 million SF
as of December 31, 2023, which
includes 42.0 million RSF of operating properties, 5.5 million RSF
of Class A/A+ properties undergoing construction and one near-term
project expected to commence construction in the next two years,
2.1 million RSF of priority anticipated development and
redevelopment projects and 23.9 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 and
agrifoodtech 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 facilities on the advancement of
medicines and treatments. 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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