Alexandria Real Estate Equities, Inc., recently completed six lease transactions, totaling 187,000 s/f, at Alexandria Park at 128. These long-term lease transactions with life science and advanced technology entities, including 1366 Technologies, Inc., Cystic Fibrosis Foundation, Emerald BioStructures, Life Technologies Corporation, Microbia, Inc., and QD Vision, Inc. affirm Alexandria Park at 128 as one of the leading science and technology campuses in the Rte. 128 submarket.
1366 Technologies, relocating and expanding from Lexington, will occupy 41,071 s/f at 6-8 Preston Court. QD Vision, Inc. relocated and expanded from Watertown to 59,000 s/f at 29 Hartwell Ave. in Lexington. Microbia, Inc., a subsidiary of Koninklijke DSM N.V., renewed for 40,000 s/f at 60 Westview St. in Lexington, and Life Technologies renewed for 28,640 s/f at 35 Wiggins Ave. in Bedford. Cystic Fibrosis Foundation recently occupied a 6,633 s/f laboratory suite at 3 Preston Court, Bedford, and Emerald BioStructures leased 6,740 s/f in the same building. Alexandria's occupancy rate in the Rte. 128 submarket is at 95.2%, while the market for laboratories is 88%.
Tamie Thompson of Jones Lang LaSalle, Alexandria's leasing agent at Alexandria Park at 128, said, "The lure of the park has been Alexandria's strong brand in the life science real estate sector, access to Cambridge and Boston, the cluster of science and technology companies, and the flexibility of the space."
"Alexandria Park at 128 is the leading destination for life science and technology entities in the Route 128 corridor," said Tom Andrews, executive vice president and regional market director at Alexandria. "The announcement of these new and renewal leases with high-quality client tenants is a testament to the great location, state-of-the-art real estate, and our dedication to partnering with our client tenants to find the ideal real estate solution for their unique needs."
Alexandria is the dominant life science owner, operator, and developer nationally, as well as in the Greater Boston cluster, in which Alexandria owns and operates approximately 3.5 million s/f of laboratory and office space proximate to world-renowned academic and medical institutions for 100 client tenants including Abbott Laboratories, Biogen Idec Inc., Eisai Co., Ltd., GlaxoSmithKline plc, Massachusetts Institute of Technology, Novartis AG, Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., and University of Massachusetts Medical School.
In the Greater Boston cluster, Alexandria's submarkets include Cambridge, Longwood Medical Area, and Rte. 128. Alexandria's Rte. 128 submarket offers 580,000 s/f of laboratory and office space in a convenient suburban location with easy access to the world-renowned academic and medical centers of Cambridge and Boston.
Alexandria's flagship asset in the Rte. 128 submarket, Alexandria Park at Route 128, is an eight building science and technology park totaling 345,000 s/f. The dynamic park is strategically located near Hartwell Avenue at the Route 128 and Route 4/225 interchange. The park is immediately adjacent to desirable residential areas as well as unique restaurants, shops, and convenient amenities. It is already home to a variety of leading life science and advanced technology firms including Celgene Corporation, Diversified Technologies, Inc., RainDance Technologies, Inc., Synta Pharmaceuticals Corp., and TIAX LLC.
Alexandria Real Estate Equities, Inc. (NYSE: ARE) is one of the largest and leading investment-grade real estate investment trusts focused principally on owning, operating, and developing high-quality, sustainable real estate for the broad and diverse life science industry. Founded in 1994, Alexandria has the first-mover advantage in every core life science cluster location, including Greater Boston, San Francisco, San Diego, and New York City. Alexandria's high-credit client tenants span the life science industry, including renowned academic and medical institutions, multinational pharmaceutical companies, public and private biotechnology entities, U.S. government research agencies, medical device companies, clean technology companies, venture capitalists, and life science product and service companies. As the recognized real estate partner of the life science industry, Alexandria has a superior track record in driving client tenant productivity and innovation through its best-in-class laboratory and office space, collaborative locations proximate to leading research institutions, unparalleled life science real estate expertise and services, and longstanding and expansive network in the life science community. For additional information on Alexandria Real Estate Equities, Inc., please visit www.are.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in our Annual Report on Form 10-K and our other periodic reports filed with the Securities and Exchange Commission.
# # #