Alexandria Real Estate Equities, Inc. Deepens and Expands Strategic Relationship With Moderna for New 462,000 RSF HQ and R&D Facility at 325 Binney Street, Designed to Be the Most Sustainable Laboratory Building in Cambridge
On September 30, 2021, Alexandria Real Estate Equities (NYSE: ARE) announced its collaboration with Moderna to develop a new 462,000 RSF headquarters and R&D facility at 325 Binney Street, Cambridge. This cutting-edge building, designed to be the most sustainable laboratory in Cambridge, aims for net-zero energy consumption and various environmental certifications. Construction is underway, with completion expected in 2023, supporting Moderna's growth in mRNA medicines. Alexandria has expanded its asset base to approximately 15 million square feet in Greater Boston, emphasizing its role in the life science ecosystem.
- Partnership with Moderna enhances Alexandria's position in the life science sector.
- The new headquarters will be designed to achieve net-zero energy consumption.
- Projected completion in 2023 aligns with Moderna's growth in mRNA technology.
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PASADENA, Calif. and CAMBRIDGE, Mass., Sept. 30, 2021 /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 Moderna has selected Alexandria to develop, operate and construct its new corporate headquarters and core R&D facility, the most leading-edge 462,000 RSF property at 325 Binney Street on the Alexandria Center® at One Kendall Square mega campus. Designed to be the most sustainable laboratory building in Cambridge, this high-performance development is expected to eliminate most of the fossil fuel consumption for building heating and enable the building to operate as a net-zero energy commercial laboratory facility. The building, which is targeting LEED Platinum Core & Shell, LEED Zero Energy and Fitwel certifications, will rely on ultra-efficient mechanical and envelope systems, geothermal energy as its primary heating source and on- and off-site renewable energy. 325 Binney Street's resilient design proactively addresses climate risk through the incorporation of several innovative resiliency measures to mitigate the potential risks associated with flood precipitation.
"Since 1997, Alexandria has been at the vanguard of Greater Boston's life science ecosystem. We are very proud to be the pioneer of mission-critical life science real estate and the leading provider of this essential infrastructure in Greater Boston—the top life science cluster in the world—where we have strategically expanded our total asset base to approximately 15 million square feet, uniquely positioning ourselves to meet both the immediate space needs and provide a path to future growth for some of most innovative companies in the world—such as Moderna," said Joel S. Marcus, executive chairman and founder of Alexandria Real Estate Equities, Inc. and Alexandria Venture Investments. "Moderna is a tremendous example of a highly disruptive, visionary company that has grown with Alexandria. Shortly after Moderna was founded in 2010, we identified the team and the transformative potential of its pioneering mRNA platform, and we have both invested in and provided the company with mission-critical real estate over the past 10 years. Today, as the world has recognized the value of Moderna's novel science to address current and future healthcare challenges, we are honored to partner and support their unique needs as they scale to achieve their mission to create a new generation of transformative medicines for patients."
With unprecedented carbon emission reductions and health-promoting attributes, Moderna's new headquarters will support the company's growth as it continues to advance its pipeline of mRNA medicines that leverage its paradigm-shifting mRNA technology, the platform behind its COVID-19 vaccine, which received an emergency use authorization from the FDA. According to the U.S. Centers for Disease Control and Prevention, approximately 151 million doses of Moderna's COVID-19 vaccine have been administered in the United States. The highly sustainable building will integrate leading-edge laboratory and high-end office space with engaging gathering spaces, walking paths and open outdoor areas to foster collaboration and life-changing innovation and enable Moderna to attract and retain the best talent. Construction at the site is underway, and the project is expected to deliver in 2023, when Moderna anticipates beginning a phased move-in process. Additionally, the ideal location at 325 Binney Street enables Moderna to expand in proximity to its manufacturing center in Norwood, Massachusetts, which is also owned and operated by Alexandria.
Learn more about 325 Binney Street's pioneering and climate-resilient design as well as the Alexandria's social impact leadership in the company's 2020 ESG Report, which is available on the Corporate Responsibility page of the company's website.
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
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 325 Binney Street building, including the goal of achieving net–zero energy consumption; the expected receipt of LEED and Fitwel certifications; the expected continued advance of mRNA technology and the effectiveness of Moderna's COVID-19 vaccine; and the impact of the new headquarters building on Moderna's continued growth. 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
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