PASADENA, Calif., April 1,
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 insitro, a leading machine learning-powered drug
discovery and development company, has executed an early renewal
for a 6-year lease extension through August
31, 2034 for 143,188 RSF at 279 East Grand Avenue on
the Alexandria Center® for Advanced Technologies –
South San Francisco mega campus in
the San Francisco Bay Area. In 2018, recognizing the potential
of insitro's innovative platform that leverages artificial
intelligence (AI), and specifically machine learning (ML), and
data at scale to decode complex biology and discover new medicines
in therapeutic areas such as metabolism, oncology and neuroscience,
Alexandria executed its first
lease with insitro for nearly 36,000 RSF of Labspace®
infrastructure at 279 East Grand Avenue. The significant early
renewal of insitro's headquarters and R&D site underscores the
drug discovery and development company's long-term commitment to
the Alexandria Center for Advanced Technologies – South San Francisco mega campus. It also
highlights the need for laboratory space to generate the large
datasets that power AI capabilities in the discovery and
development of new medicines and affirms that Alexandria is strongly positioned to enable
companies working in the growing area of AI-enhanced
laboratory-based research and development.
AI/ML hold immense potential to make the discovery and
development of new medicines faster and more efficient, ultimately
reducing the time and cost involved in the overall R&D process
— including the discovery of new biology, the development of novel
therapies and the design of clinical trials. AI's power is derived
from the application of computational approaches to high-quality
data at scale. The complexity and volume of data needed to train AI
models involve highly integrated R&D infrastructure and drive
the need for specialized technical laboratory space in Alexandria's core life science markets. With
its goal of bringing better medicines faster to the patients who
can benefit most through ML and data at scale, insitro is creating
computational models of disease from massive laboratory-generated
datasets and aggregated human cohort data to discover new
biomarkers and genetic drivers of disease that anchor an advancing
pipeline of therapeutics in liver disease, cancer and ALS
(amyotrophic lateral sclerosis).
Alexandria entered South San Francisco, the birthplace of
biotechnology, in 1998, and today the submarket is home to the
densest concentration of life science companies in the San Francisco Bay Area. Over the past 25
years, Alexandria has
strategically assembled a well-located footprint in South San Francisco, consisting of nearly 3.4
million RSF in operation as of December 31,
2023. The Alexandria Center for Advanced Technologies –
South San Francisco mega campus,
which aggregates 1.0 million RSF of operating properties and future
development opportunities as of December 31,
2023, is at the heart of the submarket and is positioned to
foster the growth of disruptive companies, like insitro. As part of
Alexandria's purposeful efforts to
enable its tenants to recruit and retain the brightest talent to
advance their mission-critical science, the company is envisioning
an elevated and activated ecosystem through the seamless
integration of collaborative amenities into this mega campus,
including a high-tech conference center, an inviting café and
lounge, experiential walking paths promoting health and wellness,
and enhanced connectivity to adjacent transportation hubs.
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
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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SOURCE Alexandria Real Estate Equities, Inc.