PASADENA, Calif., March 20, 2019 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation clusters, today announced that Pinterest, Inc. has signed a lease for nearly 490,000 RSF at 88 Bluxome Street, an approximately 1 million RSF mixed-use campus development project in the heart of the Central SoMa neighborhood of San Francisco. The lease with Pinterest brings the mixed-use campus's pre-leasing total to almost 60% and represents the first major lease signed at a development project in support of the city's much anticipated Central SoMa Plan.
"We are committed to addressing the multiple priorities expressed by the SoMa community through the well-planned development of our 88 Bluxome campus," said Stephen A. Richardson, co-chief executive officer of Alexandria Real Estate Equities, Inc. "This transformative community-focused development represents a meaningful opportunity for us to create a new destination that will revitalize the neighborhood and stimulate innovation and job growth in SoMa while it also further enhances Alexandria's visible pipeline of key future value-creation development projects."
The premier 88 Bluxome campus will feature a distinctive, next-generation technology and life science building with active retail space on the ground floor and an abundance of outdoor deck spaces throughout the building. Incorporating an unprecedented mix of new benefits to the SoMa community has been an integral part of this campus development. These thoughtfully crafted benefits will include a community recreation center with two new swimming pools and a public activity space to expand the offerings of the neighborhood's existing Gene Friend Recreation Center; a child care center; an air rights parcel deeded to the city for the development of approximately 90 units of affordable housing; a pedestrian art walk with commissioned art pieces from internationally renowned artists Tomás Saraceno and Max Lamb, complemented by other contributions from local artists; production, distribution and repair (PDR) space for small businesses; and a vibrant linear park along the newly improved Bluxome Street.
"We were drawn to this project specifically because of how open the space will be to our neighbors," said Charlie Hale, head of public policy and social impact at Pinterest. "We know how important the Gene Friend Rec Center has been for many of our community partners. That's why we're excited this project will provide additional space for the San Francisco Recreation and Park Department. We are thankful to be part of SoMa and continue to identify ways our spaces can reflect our commitment to the neighborhood."
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, with a total market capitalization of $18.4 billion and an asset base in North America of 33.1 million SF as of December 31, 2018. The asset base in North America includes 22.4 million RSF of operating properties and 3.9 million RSF of development and redevelopment of new Class A properties currently undergoing construction and pre-construction activities with target delivery dates ranging from 2019 through 2020. Additionally, the asset base in North America includes 6.8 million SF of intermediate-term and future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science and technology campuses that provide our 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. Alexandria also provides strategic capital to transformative life science and technology companies through our venture capital arm. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results 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.
CONTACT: Sara Kabakoff, AVP – Corporate Communications, Alexandria Real Estate Equities, Inc., (626) 788‑5578
SOURCE Alexandria Real Estate Equities, Inc.