Alexandria Signs 15-Year Lease with UCSF at 499 Illinois Street in Mission Bay, San Francisco
UCSF intensifies intellectual and capital investment in Mission Bay, further strengthening and enhancing the cluster's position as the San Francisco Bay Area's leading life science destination for innovation, collaboration and translation
PASADENA, Calif., Sept. 17, 2013 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the leading and largest owner, operator and developer of high-quality, sustainable real estate for the broad and diverse life science industry, is honored to announce that the University of California, San Francisco (UCSF) will establish a state-of-the-art clinical and translational research unit focused on endocrinology at 499 Illinois Street in Mission Bay, San Francisco. With immediate proximity to UCSF'S research campus and three new hospitals, located just one block away, 499 Illinois Street will provide UCSF with a unique advantage in retaining its existing world-class workforce, attracting highly talented scientists and clinicians, and facilitating its continued growth as the nation's leading university exclusively focused on health.
The 15-year lease at 499 Illinois Street is for approximately 30,000 rentable square feet (RSF). Given Alexandria's previous announcement of its long-term lease with Illumina, Inc. at 499 Illinois Street for approximately 97,700 RSF of laboratory/office space, as well as an additional approximately 55,400 RSF currently under negotiation, this approximately 222,780 RSF signature waterfront project is now approximately 82% leased or under negotiation. Market demand for the remaining space at 499 Illinois Street, and Mission Bay more broadly, continues to be solid from multiple segments in life science, translational clinical uses and the rapidly expanding technology and digital health sectors. With intensifying intellectual and capital investments from UCSF, including the opening of three new, state-of-the-art hospitals (Benioff Children's Hospital, Cancer Hospital and Women's Specialty Hospital) in early 2015, Mission Bay continues to enhance its preeminent reputation as an international life science ecosystem comprised of world-class academic, institutional, pharmaceutical, biotechnology, government, and venture capital entities that are collectively developing novel, breakthrough products that will save lives, manage disease and reduce the economic burden of disease on society.
"We are honored to expand and deepen our strategic relationship in Mission Bay with UCSF becoming one of the key anchor client tenants at 499 Illinois Street," said Stephen A. Richardson, Chief Operating Officer and Regional Market Director of Alexandria's San Francisco Bay Area Cluster. "UCSF is at the forefront of translational research, and its pioneering approach to R&D and personalized patient care is exemplified in this world-class facility."
Alexandria's 499 Illinois Street will feature unique and collaborative amenity spaces, including a high-quality cafe, an activated waterfront plaza with distinct recreational areas, and access to a cutting-edge fitness center. This iconic campus environment, ideally situated within the highly innovative and urban Mission Bay life science ecosystem, will provide UCSF with a unique advantage in advancing treatments for patients, recruiting and retaining its world-class technical talent, and enhancing collaborations within and beyond the Mission Bay life science community.
Alexandria is the dominant life science owner, operator and developer in the San Francisco Bay Area with approximately 3 million RSF (including development and redevelopment assets) in the Mission Bay, South San Francisco, and West Peninsula submarkets. In addition to UCSF, Alexandria currently has approximately 30 client tenants in Mission Bay.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), a self-administered and self-managed investment-grade real estate investment trust ("REIT"), is the largest and leading REIT focused principally on owning, operating, developing, redeveloping and acquiring high-quality, sustainable real estate for the broad and diverse life science industry. Founded in 1994, Alexandria was the first REIT to identify and pursue the laboratory niche and has since had the first-mover advantage in the core life science cluster locations including Greater Boston, the San Francisco Bay Area, 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, United States government research agencies, medical device companies, industrial biotech companies, venture capital firms, and life science product and service companies. Investment-grade client tenants represented 46% of Alexandria's total annualized base rent as of June 30, 2013. As the recognized real estate partner of the life science industry, Alexandria has a superior track record in driving client tenant productivity, collaboration, and innovation through its best-in-class laboratory and office space adjacent to leading academic medical research centers, unparalleled life science real estate expertise and services, and longstanding and expansive network in the life science community. We believe these advantages result 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.
SOURCE Alexandria Real Estate Equities, Inc.
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