Alexandria Real Estate Equities, Inc. Announces Development of New Build-to-Suit at the Alexandria Life Science and Translational Research Center at 9800 Medical Center Drive with Signing of 15-Year, 132,000 RSF Lease for REGENXBIO's New HQ
PASADENA, Calif., Nov. 7, 2018 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, today announced that it has kicked off the development of a 175,000 RSF Class A property on its flagship Maryland campus, the Alexandria Life Science and Translational Research Center at 9800 Medical Center Drive, with the signing of a long-term lease with REGENXBIO Inc. (NASDAQ: RGNX), a leading clinical-stage biotechnology company seeking to improve lives through the curative potential of gene therapy. As the anchor tenant of the new sustainable office/laboratory development, REGENXBIO has executed a 15-year, 132,000 RSF lease with expansion options for its future HQ and R&D building. This strategic lease enables REGENXBIO to expand and consolidate multiple nearby sites at one campus location in the heart of the Shady Grove Life Sciences Center in Rockville, Maryland. The ground-up development project targeting LEED certification is fully entitled and is expected to be placed into service in 2020.
Ideally located proximate to leading federal government and regulatory institutions, including the National Institutes of Health (NIH) and the U.S. Food and Drug Administration (FDA), Alexandria's 9800 Medical Center Drive campus currently comprises 282,000 RSF across four existing buildings. Upon completion of the latest building, the smartly amenitized campus will consist of approximately 460,000 RSF. The Alexandria Life Science and Translational Research Center currently provides mission-critical facilities for a range of innovative tenants, including multiple NIH institutes and centers, such as the National Center for Advancing Translational Sciences (NCATS), Advanced BioScience Laboratories, Inc., BioReliance Corporation, Sanaria Inc. and The Stanley Medical Research Institute.
"We are very proud that REGENXBIO, a current tenant, will anchor the new development project on our 9800 Medical Center Drive campus," said Larry Diamond, co-chief operating officer and Maryland regional market director of Alexandria. "Alexandria is uniquely positioned to create a premier facility on a dynamic campus that will offer REGENXBIO a compelling opportunity to recruit and retain top talent and to collaborate in pursuit of its mission to transform the lives of patients suffering from diseases with significant unmet needs."
The new facility will provide REGENXBIO with a long-term real estate solution that supports the company's growth and the advancement of its robust pipeline while allowing it to remain in Rockville's highly desirable Shady Grove Life Sciences cluster on a collaborative campus designed to drive innovation, productivity and growth. REGENXBIO's NAV Technology Platform, a proprietary adeno-associated virus (AAV) gene delivery platform, consists of exclusive rights to more than 100 novel AAV vectors. REGENXBIO and its third-party NAV Technology Platform Licensees are applying the NAV Technology Platform in the development of a broad pipeline of candidates in multiple therapeutic areas.
"The relocation of our headquarters to the 9800 Medical Center Drive campus will enable us to continue to meet our needs for growth in our talent and capabilities, including the potential for installing our own cGMP production facility, in order to support the development and launch of NAV Technology-based treatments," said Ken Mills, president and chief executive officer of REGENXBIO. "We are fortunate to secure a new location that keeps us in Rockville and supports our continued evolution as a company."
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, with a total market capitalization of $19.1 billion and an asset base in North America of 32.2 million square feet (SF) as of September 30, 2018. The asset base in North America includes 21.6 million RSF of operating properties and 2.6 million RSF of development and redevelopment of new Class A properties currently undergoing construction and pre-construction activities with target delivery dates ranging from 2018 through 2019. Additionally, the asset base in North America includes 8.0 million SF of intermediate-term and future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science and 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 and technology companies through our venture capital arm. 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, please visit www.are.com.
CONTACT: Sara Kabakoff, AVP – Corporate Communications, Alexandria Real Estate Equities, Inc., (626) 788‑5578
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Company Codes: NYSE:ARE, NASDAQ-NMS:RGNX