PASADENA, Calif., Dec. 14, 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 executed a long-term lease with CARGO Therapeutics for 99,557 RSF at 835 Industrial Road on the Alexandria Center® for Life Science – San Carlos mega campus in the San Francisco Bay Area. CARGO anticipates occupying the mission-critical life science space in early 2024.
CARGO, which raised approximately $291 million in its IPO in November 2023, is a clinical-stage biotechnology company focused on advancing its platform technologies and a pipeline of potentially curative, next-generation cell therapies that could lead to better outcomes for cancer patients. The company's move to the Alexandria Center for Life Science – San Carlos mega campus demonstrates the desirability of Alexandria's mega campus platform as well as the essential, reusable and re-leasable nature of its best-in-class Labspace® infrastructure.
The inspiring mega campus was purpose-built to support innovative life science companies, like CARGO, in their critical efforts to recruit and retain world-class talent to advance their life-changing discoveries. In San Carlos, Alexandria has created and operates a vibrant ecosystem with state-of-the-art laboratory space and a highly curated array of amenities, including sophisticated conference and meeting spaces, an expansive courtyard, a contemporary eatery, an artisanal coffee bar and a fully equipped fitness and wellness center. The mega campus, which is conveniently situated between Highway 101 and the San Carlos Caltrain station, provides exceptional access to downtown San Carlos and public transit. With nearly 737,000 RSF in operation today, the site can accommodate approximately 1.4 million RSF of future development opportunities to offer companies a visible path for growth.
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 $28.3 billion and an asset base in North America of 75.1 million SF as of September 30, 2023, which includes 41.5 million RSF of operating properties and 5.6 million RSF of Class A/A+ properties undergoing construction, 8.9 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 impact of CARGO's platform technologies and curative cell therapies on the lives of cancer patients; the desirability of Alexandria's mega campus platform and the essential, reusable and re-leasable nature of its best-in-class Labspace® infrastructure; CARGO's ability to recruit and retain world-class talent and advance life-changing discoveries; and the features and amenities of the Alexandria Center® for Life Science – San Carlos mega campus. 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.
