PASADENA, Calif., Feb. 22, 2022 /PRNewswire/ -- Alexandria Real
Estate Equities, Inc. (NYSE: ARE), an urban office REIT and the
first, longest-tenured and pioneering owner, operator and
developer uniquely focused on collaborative life science,
agtech and technology campuses in AAA innovation cluster locations,
today announced that global healthcare leader Eli Lilly and Company
has signed a 334,000 RSF long-term lease for the development of
Lilly's new state-of-the-art Institute for Genetic Medicine at 15
Necco Street in the Seaport life science submarket of Greater Boston. For more than a decade,
Alexandria has provided
Lilly with long-term real estate solutions that currently
aggregate over 600,000 RSF on campuses across the San Diego, San
Francisco Bay Area and New York
City cluster locations.
Alexandria has been at the
vanguard and heart of developing and growing Greater Boston's life science ecosystem since
1997 through its curation of essential infrastructure, capital and
thought leadership. With Alexandria's approximately 18 million square
foot strategic asset base in Greater
Boston and its proven ecosystem-building expertise, the
company is uniquely positioned to continue to meet robust immediate
demand for its assets from the most innovative and impactful life
science companies in the world while providing an important path to
accommodate future growth.
"We are immensely proud that our best-in-class development team
continues to design and deliver high-quality purpose-built
laboratory spaces that support our tenants' relentless efforts to
meet very large unmet medical needs and improve quality of life for
patients around the world," said Peter M.
Moglia, co-chief executive officer and co-chief investment
officer of Alexandria Real Estate Equities, Inc. "15 Necco,
designed to be a unique and inspiring facility, represents a
critical piece of our remarkable value-creation pipeline, and we
are thrilled to bring an anchor tenant to this unparalleled
location in the Seaport, where we are pioneering a new life science
submarket."
15 Necco, developed in partnership with National Development, is
a highly sustainable amenity-rich office/laboratory development
that offers a stunning waterfront presence and views of
Boston, and will be an iconic
addition to the city's skyline. The facility's distinctive design
is employee centric, prioritizing employee health and well-being
and seamlessly blending indoor and outdoor spaces for occupants to
take advantage of its waterfront location. Additional features
include a dynamic rooftop deck and outdoor green terraces with
flexible work areas. 15 Necco provides critical adjacency to
Cambridge's Kendall Square and convenient access to major
transportation hubs. The building's development will also
significantly enhance the surrounding Fort Point neighborhood with
enriched open space along Boston's
Harborwalk as well as public space on the building's ground floor,
which will include a community touchdown space, retail
destinations, healthy eateries and a public work lounge connecting
pedestrians and visitors to an expansive waterfront experience of
public art, walking paths, a public dock and programmed outdoor
spaces adjacent to a planned waterfront park.
Designed to achieve high levels of energy efficiency, the
transformative development will rely on a high-performance building
envelope, efficient mechanical systems, on-site renewable
geothermal energy and a solar array installation. 15 Necco's
resilient design proactively addresses climate risk by elevating
the building structure and raising site grades and landscape
features above future flood levels to reduce floodwater pathways
and protect the building from flood precipitation. The building,
which is targeting LEED Gold Core & Shell, Fitwel, WELL and
WiredScore Platinum certifications, commenced construction in 2021
and is expected to deliver in late 2023. Lilly has also leased
36,000 RSF at 215 First Street, owned and operated by Alexandria, to support the scale-up of its new
Institute for Genetic Medicine ahead of anticipated occupancy at 15
Necco in 2024.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P
500® urban office REIT, is the first, longest-tenured
and pioneering owner, operator and developer uniquely focused on
collaborative life science, agtech and technology campuses in AAA
innovation cluster locations, with a total market capitalization of
$44.0 billion as of December 31, 2021, and an asset base in
North America of 67.0 million SF.
The asset base in North America
includes 38.8 million RSF of operating properties and 4.8 million
RSF of Class A properties undergoing construction, 8.7 million RSF
of near-term and intermediate-term development and redevelopment
projects and 14.7 million SF of future development projects.
Founded in 1994, Alexandria
pioneered this niche and has since established a significant market
presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San
Diego, Seattle,
Maryland and Research Triangle.
Alexandria has a longstanding and
proven track record of developing Class A properties clustered in
urban life science, agtech 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,
agtech and technology 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 additional information on Alexandria, please visit www.are.com.
About National Development
For over 30 years, National Development has been one of the most
active real estate investment and development firms in New England.
The firm has developed and/or acquired over 30 million SF across a
broad range of product types, creating great places and attractive
investments. For more information, visit natdev.com or follow
@nationaldevelop on Twitter and Instagram.
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 Alexandria's sustainability goals with respect
to the 15 Necco Street building and the potential impacts of 15
Necco on the city and surrounding neighborhoods. These
forward-looking statements are based on the Company'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 the
Company'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 the Company 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 the Company's forward-looking statements,
and risks and uncertainties to the Company's business in general,
please refer to the Company'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: Sara
Kabakoff, Vice President – Communications,
(626) 788–5578, skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.