Alexandria Real Estate Equities, Inc. Announces Long-Term 334,000 RSF, Full-Building Lease for the New Lilly Institute for Genetic Medicine at 15 Necco Street in the Seaport Innovation District in Greater Boston
Alexandria Real Estate Equities (NYSE: ARE) has announced a significant milestone with Eli Lilly signing a 334,000 RSF long-term lease for its new Institute for Genetic Medicine at 15 Necco Street, Greater Boston. This development, set to open in late 2023, underscores Alexandria's status as a leading urban office REIT focused on life sciences. With a market cap of $44 billion and over 18 million square feet in Greater Boston, Alexandria continues to meet the increasing demand in the life sciences sector while enhancing local infrastructure.
- Eli Lilly's 334,000 RSF lease indicates strong demand for Alexandria's properties.
- The new development at 15 Necco Street is expected to enhance Alexandria's asset base in Greater Boston significantly.
- Construction aligns with sustainability goals, targeting LEED Gold and other prestigious certifications.
- None.
PASADENA, Calif., Feb. 22, 2022 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT and the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, agtech and technology campuses in AAA innovation cluster locations, today announced that global healthcare leader Eli Lilly and Company has signed a 334,000 RSF long-term lease for the development of Lilly's new state-of-the-art Institute for Genetic Medicine at 15 Necco Street in the Seaport life science submarket of Greater Boston. For more than a decade, Alexandria has provided Lilly with long-term real estate solutions that currently aggregate over 600,000 RSF on campuses across the San Diego, San Francisco Bay Area and New York City cluster locations.
Alexandria has been at the vanguard and heart of developing and growing Greater Boston's life science ecosystem since 1997 through its curation of essential infrastructure, capital and thought leadership. With Alexandria's approximately 18 million square foot strategic asset base in Greater Boston and its proven ecosystem-building expertise, the company is uniquely positioned to continue to meet robust immediate demand for its assets from the most innovative and impactful life science companies in the world while providing an important path to accommodate future growth.
"We are immensely proud that our best-in-class development team continues to design and deliver high-quality purpose-built laboratory spaces that support our tenants' relentless efforts to meet very large unmet medical needs and improve quality of life for patients around the world," said Peter M. Moglia, co-chief executive officer and co-chief investment officer of Alexandria Real Estate Equities, Inc. "15 Necco, designed to be a unique and inspiring facility, represents a critical piece of our remarkable value-creation pipeline, and we are thrilled to bring an anchor tenant to this unparalleled location in the Seaport, where we are pioneering a new life science submarket."
15 Necco, developed in partnership with National Development, is a highly sustainable amenity-rich office/laboratory development that offers a stunning waterfront presence and views of Boston, and will be an iconic addition to the city's skyline. The facility's distinctive design is employee centric, prioritizing employee health and well-being and seamlessly blending indoor and outdoor spaces for occupants to take advantage of its waterfront location. Additional features include a dynamic rooftop deck and outdoor green terraces with flexible work areas. 15 Necco provides critical adjacency to Cambridge's Kendall Square and convenient access to major transportation hubs. The building's development will also significantly enhance the surrounding Fort Point neighborhood with enriched open space along Boston's Harborwalk as well as public space on the building's ground floor, which will include a community touchdown space, retail destinations, healthy eateries and a public work lounge connecting pedestrians and visitors to an expansive waterfront experience of public art, walking paths, a public dock and programmed outdoor spaces adjacent to a planned waterfront park.
Designed to achieve high levels of energy efficiency, the transformative development will rely on a high-performance building envelope, efficient mechanical systems, on-site renewable geothermal energy and a solar array installation. 15 Necco's resilient design proactively addresses climate risk by elevating the building structure and raising site grades and landscape features above future flood levels to reduce floodwater pathways and protect the building from flood precipitation. The building, which is targeting LEED Gold Core & Shell, Fitwel, WELL and WiredScore Platinum certifications, commenced construction in 2021 and is expected to deliver in late 2023. Lilly has also leased 36,000 RSF at 215 First Street, owned and operated by Alexandria, to support the scale-up of its new Institute for Genetic Medicine ahead of anticipated occupancy at 15 Necco in 2024.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® urban office REIT, is the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, agtech and technology campuses in AAA innovation cluster locations, with a total market capitalization of
About National Development
For over 30 years, National Development has been one of the most active real estate investment and development firms in New England. The firm has developed and/or acquired over 30 million SF across a broad range of product types, creating great places and attractive investments. For more information, visit natdev.com or follow @nationaldevelop on Twitter and Instagram.
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 Alexandria's sustainability goals with respect to the 15 Necco Street building and the potential impacts of 15 Necco on the city and surrounding neighborhoods. These forward-looking statements are based on the Company'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 the Company'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 the Company 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 the Company's forward-looking statements, and risks and uncertainties to the Company's business in general, please refer to the Company'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, Vice President – Communications, (626) 788–5578, skabakoff@are.com
###
View original content to download multimedia:https://www.prnewswire.com/news-releases/alexandria-real-estate-equities-inc-announces-long-term-334-000-rsf-full-building-lease-for-the-new-lilly-institute-for-genetic-medicine-at-15-necco-street-in-the-seaport-innovation-district-in-greater-boston-301486783.html
SOURCE Alexandria Real Estate Equities, Inc.
FAQ
What is the significance of Eli Lilly's lease with Alexandria Real Estate Equities on February 22, 2022?
How does the 15 Necco Street development impact Alexandria Real Estate Equities' position in the market?
When is the expected completion date for the Eli Lilly Institute for Genetic Medicine?
What certifications is the 15 Necco Street building targeting?
What is the market capitalization of Alexandria Real Estate Equities as of December 31, 2021?
