Alexandria
earned the 2023 Visionary Award from the Cambridge Chamber of Commerce for
developing
325 Binney Street, which will
support Moderna as it advances a pipeline of mRNA medicines
that
leverage its paradigm-shifting mRNA technology — the platform
behind the company's lifesaving
COVID-19 vaccine
PASADENA, Calif. and CAMBRIDGE, Mass., Oct. 3, 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 mega campuses in AAA innovation cluster
locations, today announced that it has accelerated delivery of 325
Binney Street to Moderna, with which it has had a longstanding
strategic relationship for over a decade. The 462,100 RSF Class A+
property currently under construction is now set to deliver in
November 2023. Ideally located on the
Alexandria Center® at One
Kendall Square mega campus in Cambridge, the state-of-the-art facility was
selected by Moderna for its new global headquarters and core
R&D operations and will support Moderna's growth as it makes
progress on a pipeline of mRNA medicines that leverage its
paradigm-shifting mRNA technology to address a wide range of
diseases, including COVID-19. This mission-critical development
project, which is also expected to be delivered under budget, will
significantly contribute to Alexandria's incremental annual net operating
income (NOI) commencing in 4Q23. As of June
30, 2023, the company's highly leased value-creation
pipeline is expected to drive future annual incremental NOI
aggregating $605 million through
2Q26.
"We value our longtime strategic relationship with Alexandria, and it has been a privilege to
work with their team to develop our new HQ and science center,
designed to be the most sustainable laboratory building in
Cambridge," said Jamey Mock, chief financial officer of Moderna.
"As we continue to innovate and grow our world-class mRNA platform,
our future home will enable us to keep delivering on the promise of
mRNA science and retain and recruit the best talent from the
Massachusetts life science sector
while also minimizing our environmental footprint."
325 Binney Street, which is targeting LEED Zero Energy, LEED
Platinum Core & Shell, Fitwel Life Science and WiredScore
Platinum certifications, integrates leading-edge laboratory and
non-scientific space with engaging gathering spaces to foster
collaboration and disruptive innovation. The ultra-efficient
building is targeting a 92% reduction in fossil fuel use
through the implementation of a geothermal system and 100%
renewable electricity to result in an estimated 97% emissions
reduction. Alexandria also
incorporated numerous wellness features in the project, including
walking paths and open outdoor areas, to promote physical and
mental well-being.
Additionally, Alexandria
received the Cambridge Chamber of
Commerce's 2023 Visionary Award for developing this highly
sustainable and inspiring facility for Moderna. The chamber's
annual awards recognize innovators from the business, institutional
and non-profit communities that are effecting change and making an
extraordinary positive impact on people's lives in Cambridge and beyond.
"Moderna is an exceptional example of a transformative company
that has grown with Alexandria
over many years, and we are immensely proud to have been able
to accelerate delivery of their mission-critical infrastructure at
325 Binney Street," said Hunter L.
Kass, co-president and regional market director –
Greater Boston of Alexandria Real
Estate Equities, Inc. "We are also honored to receive a Visionary
Award from the Cambridge Chamber
of Commerce for developing a dynamic workspace that will support
Moderna's tireless efforts in the continued fight against COVID-19,
as well as their mission to deliver the greatest possible impact to
people through mRNA medicines."
![325 Binney Street on the Alexandria Center® at One Kendall Square mega campus in Cambridge, MA. Courtesy of Alexandria Real Estate Equities, Inc. 325 Binney Street on the Alexandria Center® at One Kendall Square mega campus in Cambridge, MA. Courtesy of Alexandria Real Estate Equities, Inc.](https://mma.prnewswire.com/media/2237184/10_3_23_ARE_325Binney_Exterior.jpg)
![Laboratory space at 325 Binney Street on the Alexandria Center® at One Kendall Square mega campus in Cambridge, MA. Courtesy of Alexandria Real Estate Equities, Inc. Laboratory space at 325 Binney Street on the Alexandria Center® at One Kendall Square mega campus in Cambridge, MA. Courtesy of Alexandria Real Estate Equities, Inc.](https://mma.prnewswire.com/media/2237185/10_3_23_ARE_325Binney_Lab.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
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 $30.6 billion and
an asset base in North America of
74.9 million SF as of June 30, 2023,
which includes 41.1 million RSF of operating properties and 5.3
million RSF of Class A/A+ properties undergoing construction, 9.4
million RSF of near-term and intermediate-term development and
redevelopment projects and 19.1 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 estimated delivery time and budget with
respect to 325 Binney Street; Moderna's use of 325 Binney Street;
potential impacts of 325 Binney Street and Alexandria's partnership with Moderna on the
development of new medicines, Alexandria's financial results, and Moderna's
business, operations and workforce; and LEED and healthy building
certifications and targeted efficiencies. 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.