PASADENA, Calif., Feb. 12,
2024 /PRNewswire/ -- Alexandria Real Estate Equities,
Inc. (NYSE: ARE), the first, preeminent, longest-tenured and
pioneering owner, operator and developer of collaborative life
science, agtech and advanced technology mega campuses in AAA
innovation cluster locations, today announced that AstraZeneca, a
top 20 global biopharmaceutical company and longstanding
Alexandria tenant, is investing
$300 million in a next-generation
cell therapy manufacturing facility at 9950 Medical Center Drive on
the Alexandria Center® for Life Science – Shady Grove
mega campus in the Rockville
submarket. Last year, AstraZeneca executed a 13-year lease term for
the entire 84,264 RSF Class A+ property, which runs through
June 30, 2036. Since 2007,
Alexandria has provided
AstraZeneca with essential and integrated manufacturing, laboratory
and adjacent nontechnical infrastructure that currently aggregates
nearly 417,000 RSF on campuses across its Maryland, Greater
Boston and New York City
clusters.
The American Cancer Society projects over 2 million cancer cases
and over 600,000 cancer deaths in the
United States for 2024. However, the emergence of innovative
new classes of medicines such as engineered cell therapies,
including chimeric antigen receptor therapies (CAR-T) and T-cell
receptor therapies (TCR-T), have driven recent declines in cancer
mortality. The purpose-built facility at 9950 Medical Center Drive
will support AstraZeneca's mission-critical biomanufacturing of
T-cell therapies for its clinical trials in oncology and the future
commercial supply of its broader pipeline of lifesaving cell
therapies. AstraZeneca's significant investment in the facility at
the Alexandria Center for Life Science – Shady Grove mega campus is
expected to create more than 150 highly skilled jobs and aims to
accelerate the company's ambition to make next-generation cell
therapy a reality, as well as to help ready the company to scale
and meet the demands of patients worldwide.
Alexandria has been at the
vanguard and heart of growing, shaping and leading the Maryland life science ecosystem since entering
the Rockville submarket in 1996,
and today its dominant market presence in the high-barrier-to-entry
submarket is centered around its world-class Shady Grove mega
campus. The premier well-amenitized campus consists of nearly 1.2
million RSF in operation, 96.6% of which is occupied, and
approximately 807,000 RSF in current and future development as of
December 31, 2023, providing
companies a visible path for growth. AstraZeneca's substantial new
investment and real estate expansion at the Alexandria Center for
Life Science – Shady Grove highlights the desirability of
Alexandria's pioneering mega
campus platform, which brings together best-in-class locations,
unmatched scale, visionary placemaking and unparalleled operational
excellence in vibrant environments designed to enable its tenants'
critical efforts to recruit and retain top talent to advance their
life-changing discoveries. To further enhance the Rockville innovation ecosystem and the local
community, Alexandria continues to
activate its Shady Grove mega campus through a highly curated suite
of current and planned amenities, including a dynamic plaza and
green space, flexible conference and meeting spaces, biking and
walking paths, and bocce ball courts. The campus also offers
critical proximity to numerous innovative biopharmaceutical
companies, leading academic and medical centers, and prominent
federal science and regulatory agencies such as the NIH and the FDA
that importantly provides a strong pool of highly educated,
experienced talent, access to patients and opportunities to
collaborate to stimulate innovation.
About Alexandria Real Estate Equities,
Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P
500® company, is a best-in-class, mission-driven
life science REIT making a positive and lasting impact on the
world. As the pioneer of the life science real estate niche since
our founding in 1994, Alexandria
is the preeminent and longest-tenured owner, operator and developer
of collaborative life science, agtech and advanced technology mega
campuses in AAA innovation cluster locations, including
Greater Boston, the San Francisco Bay Area, New York City, San
Diego, Seattle,
Maryland and Research Triangle.
Alexandria has a total market
capitalization of $33.1 billion and
an asset base in North America of
73.5 million SF as of December 31,
2023, which includes 42.0 million RSF of operating
properties, 5.5 million RSF of Class A/A+ properties undergoing
construction and one near-term project expected to commence
construction in the next two years, 2.1 million RSF of priority
anticipated development and redevelopment projects and 23.9 million
SF of future development projects. Alexandria has a longstanding and proven track
record of developing Class A/A+ properties clustered in life
science, agtech and advanced technology mega 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,
agrifoodtech, climate innovation and technology companies through
our venture capital platform. 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 more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation,
statements regarding the impact of Alexandria's facilities on the advancement of
medicines and treatments. These forward-looking statements are
based on Alexandria's present
intent, beliefs or expectations, but forward-looking statements are
not guaranteed to occur and may not occur. Actual results may
differ materially from those contained in or implied by
Alexandria's forward-looking
statements as a result of a variety of factors, including, without
limitation, the risks and uncertainties detailed in its filings
with the Securities and Exchange Commission. All forward-looking
statements are made as of the date of this press release, and
Alexandria assumes no obligation
to update this information. For more discussion relating to risks
and uncertainties that could cause actual results to differ
materially from those anticipated in Alexandria's forward-looking statements, and
risks and uncertainties to Alexandria's business in general, please refer
to Alexandria's filings with the
Securities and Exchange Commission, including its most recent
annual report on Form 10-K and any subsequently filed quarterly
reports on Form 10-Q.
CONTACT: Sara
Kabakoff, Senior Vice President – Chief Content Officer,
(626) 788-5578, skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.