Alexandria Real Estate Equities, Inc., Charles River Realty Investors, Clarion Partners, LLC, and National Development to Join Mayor Menino in Groundbreaking Ceremony for Longwood Center, the State-of-the-Art Destination for Life Science Innovation, Collaboration, and Translation in Longwood Medical Area
It is expected that 660 high-quality full- and part-time jobs will be created or retained by the establishment of Longwood Center
Located at the main intersection of Longwood and Brookline Avenues, Longwood Center provides a unique opportunity to collaborate with Longwood Medical Area's world-renowned academic, clinical, and medical institutions in order to increase innovation
BOSTON, June 21, 2012 /PRNewswire/ -- The Longwood Center, Longwood Medical Area's new, unique hub for life science innovation, collaboration, and translation will celebrate a groundbreaking today hosted by Alexandria Real Estate Equities, Inc.'s (NYSE: ARE) Chairman, Chief Executive Officer, and Founder, Joel S. Marcus; Brian H. Kavoogian, President of Charles River Realty Investors; Clarion Partners, LLC's Managing Director, Mark Weld; and Newton-based National Development's Managing Director, Thomas M. Alperin. Honored speakers will include Boston Mayor Thomas M. Menino and Edward J. Benz, Jr., MD, President and Chief Executive Officer of the Dana-Farber Cancer Institute, one of the country's leading cancer centers, and Longwood Center's anchor tenant. The event will attract leaders from the area's renowned academic, research, and clinical centers, hospitals, commercial life science companies, venture capital firms, and economic development groups.
The ceremony celebrates the groundbreaking of Longwood Center, the new, unique hub that is expected to create or retain up to 660 high-quality full- and part-time jobs in Massachusetts and bring together world-renowned academic, clinical, and medical institutions, innovative public and private companies, top-tier emerging biopharmaceutical entities, and leading international institutions to foster innovation, collaboration, and translation in the heart of this densely developed, highly sophisticated life science cluster. Located at the main intersection of Longwood and Brookline Avenues, Longwood Center is adjacent to 23 leading academic, research, and medical institutions including Harvard Medical School, Beth Israel Deaconess Medical Center, Brigham and Women's Hospital, Children's Hospital Boston, Dana-Farber Cancer Institute, Joslin Diabetes Center, and Merck Research Laboratories, as well as approximately 60,000 scientists, physicians, and researchers. Immediate access to these world-class institutions and talent provides an unmatched opportunity to collaborate and quickly and effectively translate breakthrough discoveries into safe and effective products that benefit humankind and reduce the economic burden of disease on society.
Longwood Center's 1.02-acre site includes an approximately 414,000 rentable square foot, LEED® Silver, 11-story facility with highly flexible, modern laboratory and office settings, as well as a variety of state-of-the-art environments for translation and open innovation. The facility will also feature a lively and engaging street level, vibrant amenities, and an onsite parking garage. The anchor tenant of Longwood Center, which will occupy approximately 154,000 rentable square feet, will be Dana-Farber Cancer Institute, the top-ranked cancer center in New England and one of the largest research grant recipients among independent hospitals in the United States. The project is scheduled for completion in fall 2014.
As the life science industry participates in the annual BIO International Convention in Massachusetts this week, Longwood Center's groundbreaking further promotes Longwood Medical Area's standing as a leading life science hub.
"This week Boston is welcoming 16,000 visitors to the 2012 BIO International Convention and we've spent the week recruiting top-level national and international talent," said Mayor Thomas M. Menino. "Longwood Center is a unique opportunity to make room for these new life science and biotech industry leaders in the Longwood Medical Area – leading to new jobs and new collaborations with our world-class institutions."
"Longwood Center will emerge as Longwood's leading destination for the academic, clinical, and medical communities to come together and effectively innovate, collaborate, and translate breakthrough discoveries into safe and high-impact products that will improve human health and relieve the economic burden of disease to society," said Joel S. Marcus, Chairman and Chief Executive Officer of Alexandria Real Estate Equities, Inc.
As part of its unique adjacency cluster model, Alexandria also announces the potential future development of Accelerator at Longwood Center. Alexandria's proprietary model provides a novel funding mechanism to accelerate translational research coupled with a highly efficient collaborative business development process.
"We are pleased to be moving forward with this state-of-the-art life science research building in the heart of one of the world's most important medical research clusters," said Tom Alperin, President of National Development, a leading New England real estate and development firm.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE) is the largest and leading investment-grade real estate investment trust 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 Bay, San Diego, New York City, Seattle, Suburban Washington, D.C., and Research Triangle Park. 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.
About Charles River Realty Investors
Charles River Realty Investors LLC (www.crreal.com) is a private equity real estate investment firm that employs the extensive operating and investment experience of its team to make value-added real estate investments on behalf of its institutional clients. The firm and its principals have successfully acquired and/or developed real estate with a value of over $3 billion. Currently the firm is investing its $170 million Fund I.
About Clarion Partners, LLC
Clarion Partners (www.clarionpartners.com) has been a leading U.S. real estate investment manager for 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. as well as Mexico and Sao Paulo, Brazil. With more than $24 billion in total assets under management, for over 200 institutional investors both domestic and international, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum.
About National Development
National Development (www.natdev.com) is a ranked as the region's most active real estate development firm over the last decade. Founded in 1983, the Newton MA-based company provides fully integrated development, construction, acquisition and asset management services. With over 20 million square feet in completed projects, National Development's extensive operating platform encompasses office, retail, industrial, medical/lab, multi-family, senior housing and hotels.
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.
SOURCE Alexandria Real Estate Equities, Inc.
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