Genentech, Inc. Signs 121,000SF Bay Area Biotech Lease

In what is reported to be one of the five ground-up development projects underway in the company's key target markets, Alexandria Real Estate Equities Inc. has begun a new ground-up development project totaling approximately 121,000 square feet in South San Francisco. The four-story facility is scheduled for delivery to its new tenant--Genentech Inc, listed as one of the largest biotechnology companies and one of the most profitable in the world--in fourth quarter 2006. Alexandria Real Estate said today that is has executed a 12-year lease deal with Genentech for the new facility. Alexandria’s five new projects will total approximately 462,000 square feet.