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PASADENA, Calif., April 12,
2023 /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 campuses in AAA innovation
cluster locations with an asset base in North America of nearly 75 million SF, today
announced that it has transferred, through an affiliate, a
partial interest in 15 Necco Street in the Seaport Innovation
District submarket of Greater
Boston to a U.S. affiliate of Mori Trust Co., Ltd. Proceeds
from this transaction will be used to fund the development of 15
Necco Street, a 345,995 RSF Class A property currently under
construction and expected to deliver in late 2023. The
state-of-the-art facility was selected by longtime Alexandria tenant Eli Lilly and Company as the
home of the Lilly Institute for Genetic Medicine, which will
leverage promising RNA- and DNA-based technologies to develop
therapies with the potential to treat or prevent diseases in a
manner that is challenging or not possible with traditional
medicines.
"Our dominant one-of-a-kind platform, in combination with a
scarcity of high-quality life science real estate assets, continues
to drive demand for investment opportunities arising from our value
harvesting and capital recycling strategies," said Hunter L. Kass, executive vice president and
regional market director of Greater Boston at Alexandria Real
Estate Equities, Inc. "15 Necco — with its long-term lease to
a strong credit tenant in Lilly, highly sustainable building design
and creative amenities in an exceptional transit-friendly location
— is an ideal example of the desirability and value of Alexandria's assets. We are excited to build a
long-term relationship with Mori Trust."
Developed in partnership with National Development, 15 Necco
Street is an amenity-rich building with a stunning waterfront
presence, critical adjacency to Cambridge's Kendall Square, including
convenient access to major transportation hubs, and a uniquely
inspiring design and building-activation program to help Lilly
attract and retain people from Greater
Boston's deep life science talent pool. The
building showcases Alexandria's proactive approach to mitigating
greenhouse gas emissions by prioritizing energy efficiency,
leveraging geothermal energy to reduce fossil fuel use and
utilizing 100% renewable electricity generated on and off site. In
addition to relying on alternative energy sources, the
transformative facility will incorporate numerous wellness features
that promote the overall physical and mental well-being of its
occupants. 15 Necco Street is targeting LEED Gold Core &
Shell, Fitwel Life Science and WiredScore Platinum
certifications.
![15 Necco Street, Seaport Innovation District, Greater Boston. Courtesy of Alexandria Real Estate Equities, Inc. 15 Necco Street, Seaport Innovation District, Greater Boston. Courtesy of Alexandria Real Estate Equities, Inc.](https://mma.prnewswire.com/media/2052038/15Necco_CourtesyofARE.jpg)
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 its
founding in 1994, Alexandria is
the preeminent and longest-tenured owner, operator and developer of
collaborative life science, agtech and advanced technology 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 $35.0 billion and
an asset base in North America of
74.6 million SF as of December 31,
2022, which includes 41.8 million RSF of operating
properties and 5.6 million RSF of Class A properties undergoing
construction, 9.9 million RSF of near-term and intermediate-term
development and redevelopment projects and 17.3 million SF of
future development projects. Alexandria has a longstanding and proven track
record of developing Class A properties clustered in life science,
agtech and advanced 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,
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 additional information on Alexandria, please visit
www.are.com.
About National Development
For over 30 years, National Development has been one of the most
active real estate investment and development firms in New England.
The firm has developed and/or acquired over 30 million SF across a
broad range of product types, creating great places and attractive
investments. For more information, visit natdev.com or
follow @nationaldevelop on Twitter and Instagram.
About Mori Trust Co., Ltd.
Mori Trust operates 65
buildings, residences, and commercial retails, and 30 hotels and
resort facilities across Japan (as
of March 2022), centering on three
businesses: real estate business, hotel & resort business, and
investment business), as well as a wide range of businesses that
enhance the value of cities. On the real estate developments
side, aiming to contribute to improving the quality of engagement
and communication, last year Mori formulated its new office vision,
DESTINATION OFFICE, in order to support the creation of offices
that attract workers. On the hotels and resorts side, Mori is
building a luxury destination network in Japan of premium hotels located in prime urban
and resort locations throughout the country, as part of its vision
to promote Japan as a high-end
tourism destination. On the investments side, in order to respond
quickly to changes in the business environment which may occur in
the future, Mori is actively promoting investment in a broad sense,
including capital participation in various companies, business
alliances, and other venture investments to ensure the growth of
the Group. Aiming to create new value by thinking outside the
framework of existing businesses, Mori is working on businesses in
new areas. In particular, the Group is promoting the workcation
business by combining know-how in the real estate business and
hotels & resorts business to propose a variety of work styles
and to stimulate tourism demand. In addition, Mori is focused on
the importance of wellness and launched a full-fledged wellness
business in 2020. For additional information, please visit
www.mori-trust.co.jp/english/.
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 potential impacts of the partial interest
transaction and development of 15 Necco Street on Alexandria's tenants and their businesses,
technologies and therapies; the expected timing of completion of
construction and occupancy for 15 Necco Street; the expected
amenities, architecture and sustainability features, including
energy efficiencies and certifications of the property; and the
impact of the property on occupants. 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, Vice President –
Strategic Communications, (626) 788-5578,
skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.