Alexandria Real Estate Equities, Inc. Announces Long-Term Tenant AstraZeneca Is Investing $300 Million in a Next-Generation Cell Therapy Manufacturing Facility at the Alexandria Center for Life Science - Shady Grove Mega Campus in Rockville, Maryland
PASADENA, Calif., Feb. 12, 2024
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.
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.
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