Pasadena-based Alexandria Real Estate Equities Pre-Leases 431,000 Square Feet in Major New Project

Published : Wednesday, September 6, 2017 | 6:55 AM

A view of Alexander Real Estate Eqitities Pasadena headquarters.

Pasadena-based Alexandria Real Estate Equities, Inc., an urban office REIT (real estate investment trust), said it has completed 100 percent pre-leasing of 100 Binney Street, a ground-up development project consisting of 431,000 rentable square feet (RSF) of office and laboratory space in Cambridge, Massachusetts, in advance of its delivery in the fourth quarter.

The company announced Tuesday that it executed leases during the month aggregating 175,000 RSF – 41 percent of the project – including a three-floor lease for 130,000 RSF with Facebook, the social media company.

The tenants at 100 Binney Street now include Bristol-Myers Squibb Company with 208,000 RSF; Facebook with 130,000 RSF; and Foghorn Therapeutics, Sigilon Therapeutics, Tango Therapeutics and TCR2 Therapeutics, four venture-backed entrepreneurial life science companies, with an aggregate of 90,000 RSF.

“These leading-edge companies further enhance the diverse and collaborative ecosystem of world-class life science and technology companies that Alexandria has cultivated in its mega campus along the Binney Street corridor,” the company said in a press release.

Joel S. Marcus, Chairman, CEO and founder of Alexandria Real Estate Equities, Inc., said robust demand for Class A office and laboratory space on Alexandria’s flagship campuses in Cambridge continues to drive their strong internal growth.

“More than a decade ago, in Cambridge, we pioneered the mega trend of developing and amenitizing urban cluster campuses,” Marcus said. “Our strategic assemblage, entitlement and development of more than 2 million SF along the Binney Street corridor laid the groundwork for what has become our second mega campus in Cambridge. Additionally, our acquisition of more than 1 million RSF at Technology Square in 2006 was crucial to the substantial redevelopment of Alexandria Technology Square, our inaugural mega campus in Cambridge.”

The company said it has strong confidence in the Cambridge market, and is focused on the pre-leasing and ground-up development of 399 Binney Street, its new 164,000 RSF Class A office/laboratory property at the Alexandria Center at One Kendall Square,

One Kendall is a 645,000 RSF, nine-building life science and technology campus that the company acquired in November 2016 as its third mega campus in Cambridge.

The company said 399 Binney Street is located in the most sought-after area in Cambridge, and is experiencing exceptionally strong demand.

Alexandria has received multiple proposals from innovative life science and technology companies that account for nearly the entire building, the company said.

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