PASADENA, Calif., June 26, 2015 /PRNewswire/ -- Alexandria
Real Estate Equities, Inc. (NYSE: ARE), the largest and leading
REIT uniquely focused on collaborative science campuses in urban
innovation clusters, announced today that Bristol-Myers Squibb
(NYSE: BMY), a global biopharmaceutical company, will establish a
state-of-the-art research and development center at the Alexandria
Center® at Kendall Square (ACKS) in the heart of the Cambridge
Kendall Square innovation cluster. As the anchor tenant in
Alexandria's newest ground-up
development at 100 Binney Street, Bristol-Myers Squibb will lease
208,000 rentable square feet (RSF) in a world-class, highly
sustainable office/laboratory facility that has a total of 431,500
RSF. The project will begin construction in July 2015 and is expected to be delivered in the
fourth quarter of 2017.
The decision by Bristol-Myers Squibb to locate its
state-of-the-art research facility in the Cambridge Kendall Square
innovation cluster affirms Alexandria Center at Kendall Square's
reputation as one of the world's most desirable locations for life
science recruitment, innovation, and collaboration.
"Bristol-Myers Squibb is one of the world's most respected
biopharmaceutical companies because it continues to be a leading
pioneer in identifying innovative treatments for serious diseases,"
said Joel S. Marcus, Chairman, Chief
Executive Officer, and Founder of Alexandria Real Estate Equities,
Inc. "We are truly honored to partner with Bristol-Myers
Squibb, and welcome its top-notch R&D team to its new home in
our Cambridge Kendall Square innovation cluster."
The 100 Binney Street location will provide Bristol-Myers Squibb
with mission critical adjacency to the vibrant life science
community and its deep talent pool in Cambridge, also strengthening the ability of
Bristol-Myers Squibb to recruit and retain top talent. The
Cambridge Kendall Square innovation cluster is known for its dense
concentration of pharmaceutical and biotechnology companies, highly
collaborative and innovative academic institutions including
Massachusetts Institute of Technology
(MIT), and a strong venture capital
presence.
This flagship location, at the intersection of Binney and Second
Streets, will feature stunning and innovative architecture that
will be paired with glass facades and urban skyline views designed
at the forefront of sustainability. 100 Binney will also
include underground parking garages with car-share services,
on-site covered bike parking, as well as excellent access to the
Green and Red Lines, MBTA stops, and
EZRide shuttle service. The amenity-rich retail and fitness
facilities at the Alexandria Center at Kendall Square provide
leading life science entities with a unique opportunity to drive
productivity, accelerate innovation, and recruit and retain the
brightest scientific talent.
The Alexandria Center at Kendall Square is an 11-acre,
world-class urban campus with approximately 1.6 million RSF of
high-quality office and laboratory space. Alexandria is the
dominant life science owner and operator in its Greater Boston cluster with approximately 5.2
million RSF of high-quality laboratory and office space (including
development and redevelopment assets) located adjacent to
world-renowned academic medical research centers.
Alexandria currently serves over
100 life science and related client tenants in its Greater Boston cluster.
Photo - http://photos.prnewswire.com/prnh/20150626/225902
Rendering of The Alexandria Center at Kendall Square, 100 Binney
Street; Courtesy of Alexandria Real Estate Equities, Inc.
About Alexandria Real Estate Equities, Inc.
(NYSE:ARE)
Alexandria Real Estate Equities, Inc., is the largest and
leading REIT uniquely focused on collaborative science campuses in
urban innovation clusters located in key cities, with a total
market capitalization of $11.3
billion as of March 31, 2015,
and an asset base of 30.7 million square feet, including 18.5
million RSF of operating and current value-creation projects, as
well as an additional 2.2 million square feet of near-term and 10.0
million square feet of future ground-up development projects.
Alexandria pioneered this niche in
1994 and has since established a dominant market presence in AAA
locations, including Greater
Boston, the San Francisco Bay
Area, New York City,
San Diego, Seattle, Maryland, and Research Triangle Park.
Alexandria is known for its
high-quality and diverse client tenant base, with approximately 52%
of total annualized base rent as of March
31, 2015, generated from investment-grade client 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 client 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.
Management believes these advantages result in higher occupancy
levels, longer lease terms, higher rental income, higher returns,
and greater long-term asset value.
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SOURCE Alexandria Real Estate Equities, Inc.