PASADENA and SAN FRANCISCO, Calif., March 28, 2016 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), a real estate investment trust uniquely focused on world-class collaborative science and technology campuses in urban innovation clusters, and TMG Partners, one of the San Francisco Bay Area's largest mixed-use property developers, announced today that they have submitted to the San Francisco City Planning Department a revised Preliminary Project Assessment (PPA) for a mixed-use project at 88 Bluxome Street (formerly known as 645 5th Street) in the South of Market (SoMa) neighborhood. The 2.6-acre site in the heart of SoMa is located on the same block on which the Central Subway station will be constructed at 4th and Brannan streets.
The proposed project includes a broad mix of uses and responds to a number of community priorities for the immediate neighborhood and the greater San Francisco area. The PPA calls for the project to be anchored by commercial office; retail; and production, distribution and repair (PDR) space to support the Central SoMa Plan's main goal of job creation along the city's newest transit line. It will also provide a community recreation center, a child care center and a community garden, as well as a land dedication of a portion of the site to the city for construction of a 100% affordable housing project.
"Alexandria and TMG are excited to propose a project that meets the objectives of the Central SoMa Plan and provides a site for affordable housing and community recreation at a time when such sites are in critical shortage. We have been working in SoMa for almost 30 years and recognize the need for projects to balance economic and community development," said Matt Field, chief investment officer of TMG Partners.
"It is important to us to support the SoMa community through this new development. We are proud that our 88 Bluxome Street project will address multiple community priorities, while providing cutting-edge space," said Stephen A. Richardson, chief operating officer and San Francisco regional market director of Alexandria. "This project also further enhances Alexandria's visible pipeline of key future value-creation development projects."
Alexandria's deep entitlement, design and development expertise and experience, as well as its credible and respectful long-term relationships with key San Francisco government agencies, have enabled the company to successfully operate approximately 3.7 million RSF (including current development projects) of office/laboratory space in the San Francisco Bay Area. Alexandria's San Francisco asset base, located in the high-quality Mission Bay/SoMa, South San Francisco and Palo Alto/Stanford Research Park submarkets, is 100% leased largely to investment-grade tenants as well as to disruptive technology tenants.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE) is an urban office REIT uniquely focused on world-class collaborative science and technology campuses in AAA innovation cluster locations with a total market capitalization of $10.9 billion as of December 31, 2015, and an asset base of 32.0 million square feet, including 20.1 million RSF of operating properties and development and redevelopment projects (under construction or pre-construction), as well as an additional 11.9 million square feet of future ground-up development projects. Alexandria pioneered this niche in 1994 and has since established a dominant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park. Alexandria is known for its high-quality and diverse tenant base, with approximately 54% of total annualized base rent as of December 31, 2015, generated from investment-grade tenants – a REIT industry-leading percentage. Alexandria has a longstanding and proven track record of developing Class A assets clustered in urban science and technology campuses that provide its 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. For more information, please visit www.are.com.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 25 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit www.tmgpartners.com.
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SOURCE Alexandria Real Estate Equities, Inc.