Alexandria Real Estate Equities, Inc. Honored for Sustainable Design in Nareit's Inaugural Sustainability Impact Awards, Highlighting Its Longstanding Operational Excellence at the Vanguard and Heart of the Life Science Industry

Rhea-AI Summary

Alexandria Real Estate Equities (NYSE: ARE) has been honored with a 2024 Sustainable Design Impact Award from Nareit for its innovative approach to reducing emissions in its Labspace® developments. The award recognizes Alexandria's groundbreaking use of alternative energy sources in its Greater Boston and Seattle markets.

Key highlights include:

• 325 Binney Street in Cambridge, designed to be the most sustainable laboratory building in the area
• 15 Necco Street in Boston, a high-performance laboratory facility
• The Alexandria Center® for Life Science – South Lake Union mega campus in Seattle, featuring one of North America's largest wastewater heat recovery systems

These projects demonstrate significant emissions reductions, with 325 Binney Street and 15 Necco Street achieving 97% and 96% reductions respectively compared to the Massachusetts 2020 Stretch Code baseline. The Seattle campus is expected to reduce greenhouse gas emissions by 99% compared to the average laboratory building in the area.

Alexandria's prestigious recognition among Nareit's first cohort of honorees demonstrates the company's continued leadership in advancing innovative sustainable design strategies for its mission-critical Labspace^® infrastructure

PASADENA, Calif., Sept. 12, 2024 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the first, preeminent, longest-tenured and pioneering owner, operator and developer of collaborative mega campuses in AAA life science innovation cluster locations, today announced that it has received a 2024 Sustainable Design Impact Award from Nareit, the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate, for the company's groundbreaking approach to reducing emissions through the use of alternative energy sources for the operation of its highly complex, mission-critical Labspace^® developments in its Greater Boston and Seattle markets. This prestigious award recognizes innovative, industry-leading architecture and engineering strategies that reduce environmental impact through smart design, new building development or retrofitting of existing buildings.

"At Alexandria, our strategic corporate responsibility efforts are vital to fostering the holistic life science ecosystems needed to enable the development of new medicines to meet massive unmet medical need, and we are honored to receive this meaningful award from Nareit," said Eleni Reed, senior vice president and head of sustainability at Alexandria. "This important recognition reflects our team's long-term purposeful approach to sustainability and showcases our leadership in driving effective design solutions that will reduce operational greenhouse gas emissions from our laboratory buildings. We remain committed to further advancing our corporate responsibility platform, including by deepening partnerships with our tenants to help them realize their sustainability priorities."

In this new annual awards program, Nareit recognizes projects and programs implemented by its member REITs that demonstrate innovation in sustainable building design and development, operating practices and leadership. A panel of expert judges from outside the REIT industry selected Alexandria for a Sustainable Design Award in an anonymized evaluation of the following areas: measurable impact, innovation, replicability and overall sustainability program.

Notable examples of Alexandria's strategic initiatives to prioritize energy efficiency and utilize alternative energy sources that contributed to receiving the award include two recently completed laboratory development projects in Greater Boston: 325 Binney Street, designed to be the most sustainable laboratory building in Cambridge and home to Moderna's new global HQ and R&D center; and 15 Necco Street, a state-of-the-art, high-performance laboratory facility that houses the Lilly Seaport Innovation Center. These sustainable buildings are targeting energy efficiency exceeding code requirements, reduced fossil fuel use through the implementation of geothermal energy systems and use of 100% renewable electricity, resulting in an estimated 97% and 96% emissions reduction, respectively, relative to the Massachusetts 2020 Stretch Code baseline. Additionally, the energy district at the Alexandria Center^® for Life Science – South Lake Union mega campus in Seattle features one of the largest wastewater heat recovery systems in North America. This innovative strategy is expected to provide 70% of the mega campus's heating and is estimated to reduce greenhouse gas emissions by 99% compared to Seattle's average laboratory building.

The Nareit Sustainable Design Impact Award marks the latest in the company's continued recognition for its proactive use of alternative energy in key development projects. Its energy district in South Lake Union was also honored in the Water Stewardship category of the Puget Sound Business Journal's 2024 Environmental and Sustainability Awards and won the Seattle 2030 District's 2024 Vision Award for Energy; and its development of 325 Binney Street earned a Cambridge Chamber of Commerce 2023 Visionary Award.

To learn more about Alexandria's industry-leading corporate responsibility program, see the company's 2023 Corporate Responsibility Report.

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 with our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative mega campuses in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City. As of June 30, 2024, Alexandria has a total market capitalization of $32.5 billion and an asset base in North America that includes 42.1 million RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in 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 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 Alexandria's corporate responsibility initiatives, practices, goals and investments; reduction of greenhouse gas emissions and use of energy and other resources; and the impact of the foregoing on Alexandria's tenants' business and workforce and on the environment and society. 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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/alexandria-real-estate-equities-inc-honored-for-sustainable-design-in-nareits-inaugural-sustainability-impact-awards-highlighting-its-longstanding-operational-excellence-at-the-vanguard-and-heart-of-the-life-science-industry-302245960.html

SOURCE Alexandria Real Estate Equities, Inc.

FAQ

What award did Alexandria Real Estate Equities (ARE) receive from Nareit in 2024?

Alexandria Real Estate Equities (ARE) received the 2024 Sustainable Design Impact Award from Nareit for its innovative approach to reducing emissions through alternative energy sources in its Labspace® developments in Greater Boston and Seattle markets.

How much emissions reduction did Alexandria's 325 Binney Street project achieve?

The 325 Binney Street project in Cambridge achieved an estimated 97% emissions reduction relative to the Massachusetts 2020 Stretch Code baseline.

What unique feature does Alexandria's South Lake Union campus in Seattle have?

The Alexandria Center® for Life Science – South Lake Union mega campus in Seattle features one of the largest wastewater heat recovery systems in North America, expected to provide 70% of the campus's heating and reduce greenhouse gas emissions by 99% compared to Seattle's average laboratory building.

How does Alexandria's 15 Necco Street project contribute to sustainability?

The 15 Necco Street project in Boston is a high-performance laboratory facility targeting energy efficiency exceeding code requirements, with reduced fossil fuel use through geothermal energy systems and 100% renewable electricity, resulting in an estimated 96% emissions reduction compared to the Massachusetts 2020 Stretch Code baseline.