Alexandria earned the 2023 Visionary Award from the Cambridge Chamber of Commerce for developing
325 Binney Street, which will support Moderna as it advances a pipeline of mRNA medicines that
leverage its paradigm-shifting mRNA technology — the platform behind the company's lifesaving
COVID-19 vaccine
PASADENA, Calif. and CAMBRIDGE, Mass., Oct. 3, 2023 /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 it has accelerated delivery of 325 Binney Street to Moderna, with which it has had a longstanding strategic relationship for over a decade. The 462,100 RSF Class A+ property currently under construction is now set to deliver in November 2023. Ideally located on the Alexandria Center® at One Kendall Square mega campus in Cambridge, the state-of-the-art facility was selected by Moderna for its new global headquarters and core R&D operations and will support Moderna's growth as it makes progress on a pipeline of mRNA medicines that leverage its paradigm-shifting mRNA technology to address a wide range of diseases, including COVID-19. This mission-critical development project, which is also expected to be delivered under budget, will significantly contribute to Alexandria's incremental annual net operating income (NOI) commencing in 4Q23. As of June 30, 2023, the company's highly leased value-creation pipeline is expected to drive future annual incremental NOI aggregating $605 million through 2Q26.
"We value our longtime strategic relationship with Alexandria, and it has been a privilege to work with their team to develop our new HQ and science center, designed to be the most sustainable laboratory building in Cambridge," said Jamey Mock, chief financial officer of Moderna. "As we continue to innovate and grow our world-class mRNA platform, our future home will enable us to keep delivering on the promise of mRNA science and retain and recruit the best talent from the Massachusetts life science sector while also minimizing our environmental footprint."
325 Binney Street, which is targeting LEED Zero Energy, LEED Platinum Core & Shell, Fitwel Life Science and WiredScore Platinum certifications, integrates leading-edge laboratory and non-scientific space with engaging gathering spaces to foster collaboration and disruptive innovation. The ultra-efficient building is targeting a 92% reduction in fossil fuel use through the implementation of a geothermal system and 100% renewable electricity to result in an estimated 97% emissions reduction. Alexandria also incorporated numerous wellness features in the project, including walking paths and open outdoor areas, to promote physical and mental well-being.
Additionally, Alexandria received the Cambridge Chamber of Commerce's 2023 Visionary Award for developing this highly sustainable and inspiring facility for Moderna. The chamber's annual awards recognize innovators from the business, institutional and non-profit communities that are effecting change and making an extraordinary positive impact on people's lives in Cambridge and beyond.
"Moderna is an exceptional example of a transformative company that has grown with Alexandria over many years, and we are immensely proud to have been able to accelerate delivery of their mission-critical infrastructure at 325 Binney Street," said Hunter L. Kass, co-president and regional market director – Greater Boston of Alexandria Real Estate Equities, Inc. "We are also honored to receive a Visionary Award from the Cambridge Chamber of Commerce for developing a dynamic workspace that will support Moderna's tireless efforts in the continued fight against COVID-19, as well as their mission to deliver the greatest possible impact to people through mRNA medicines."
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 $30.6 billion and an asset base in North America of 74.9 million SF as of June 30, 2023, which includes 41.1 million RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing construction, 9.4 million RSF of near-term and intermediate-term development and redevelopment projects and 19.1 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.
Forward-Looking Statements
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 estimated delivery time and budget with respect to 325 Binney Street; Moderna's use of 325 Binney Street; potential impacts of 325 Binney Street and Alexandria's partnership with Moderna on the development of new medicines, Alexandria's financial results, and Moderna's business, operations and workforce; and LEED and healthy building certifications and targeted efficiencies. 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.
CONTACT: Sara Kabakoff, Senior Vice President – Chief Content Officer, (626) 788-5578, skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.
