PASADENA, Calif., March 9, 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, announced that Verily, formerly known as Google Life Sciences, has subleased 407,000 rentable square feet (RSF) from Amgen Inc. at 249/259/269 East Grand Avenue in South San Francisco, CA. The recently developed campus also has two land parcels representing nearly 400,000 square feet of potential expansion space.
The continuing strong demand for Alexandria's campuses reflects the ongoing need of leading science and technology entities to work with a trusted, long-term strategic real estate partner in their efforts to translate breakthrough discoveries into novel, cost-effective therapies that save lives, manage and cure disease, and significantly reduce the economic burden of disease on society.
"We are honored that Verily has chosen to expand into one of Alexandria's world-class collaborative science and technology campuses," said Stephen A. Richardson, chief operating officer and San Francisco regional market director of Alexandria. "Through our long-term relationship with Google, which dates back to 1998, we have been able to provide Verily with highly curated, innovative and integrated campus solution, which will help support its mission to use technology to better understand health, as well as prevent, detect and manage disease."
Alexandria is the dominant life science owner and operator in the San Francisco cluster with approximately 3.7 million RSF (including development projects) in the high-quality Mission Bay/SoMa, South San Francisco and Palo Alto/Stanford Research Park submarkets. Alexandria is a leader in the life science ecosystem and serves the broad and diverse life science industry. Alexandria's high-quality, investment-grade tenants in the San Francisco region include Alphabet, Roche, Bayer, Celgene and Pfizer, as well as top-tier anchor institutions UCSF and Stanford University. Alexandria's San Francisco asset base remains 100% leased, and with more than 700,000 RSF in future value-creation projects in its San Francisco cluster, Alexandria is able to provide its tenants with additional expansion opportunities as well as attract new tenants.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE) is an urban office REIT uniquely focused on 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.
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SOURCE Alexandria Real Estate Equities, Inc.