Alexandria Real Estate Equities, Inc. Signs Six Leases Aggregating Approximately 187,000 Square Feet in Route 128 Boston Submarket
PASADENA, Calif., June 6, 2012 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the leading owner, operator, and developer of high-quality, sustainable real estate for the broad and diverse life science industry, is pleased to announce six recent lease transactions, aggregating approximately 187,000 square feet, at Alexandria Park at 128 in the heart of the Route 128 submarket of Greater Boston. These long-term lease transactions with high-quality 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 the leading science and technology campus in the Route 128 submarket.
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 square feet of high-quality laboratory and office space proximate to world-renowned academic and medical institutions for approximately 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 Route 128. Alexandria's Route 128 submarket offers approximately 580,000 square feet of state-of-the-art 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 Route 128 submarket, Alexandria Park at Route 128, is an eight building science and technology park totaling approximately 345,000 square feet. 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.
The six new lease transactions total approximately 187,000 square feet at Alexandria Park at 128. 1366 Technologies, relocating and expanding from Lexington, will occupy 41,071 square feet at 6-8 Preston Court in Bedford. QD Vision, Inc., a nanomaterials products company, relocated and expanded from Watertown to 59,000 square feet at 29 Hartwell Avenue in Lexington. Microbia, Inc., a subsidiary of Koninklijke DSM N.V., renewed for 40,000 square feet at 60 Westview Street in Lexington, and Life Technologies renewed for 28,640 square feet at 35 Wiggins Avenue in Bedford. Cystic Fibrosis Foundation recently occupied a 6,633 square foot laboratory suite at 3 Preston Court, Bedford, and Emerald BioStructures leased 6,740 square feet of space in the same building. Alexandria's occupancy rate in the Route 128 submarket is currently at 95.2%, while the market for laboratory is approximately 88%.
"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 Real Estate Equities, Inc. "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."
Tamie Thompson of Jones Lang LaSalle, Alexandria's leasing agent at Alexandria Park at 128, added, "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."
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, 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.
SOURCE Alexandria Real Estate Equities, Inc.