Alexandria (ARE) Updates on Longwood Center Development; Gets Financing, Signs Long-Term Lease
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Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced today a series of significant transactions resulting in the imminent development of the Longwood Center, an iconic and highly unique collaborative life science hub in the heart of Boston's Longwood Medical Area, one of the world's densest concentrations of academic, medical, and clinical care institutions.
The announcement highlights Alexandria's financing of the project through the use of top-tier joint venture partners, National Development ("ND"), Charles River Realty Investors ("CR"), and Clarion Partners, LLC ("Clarion"). In addition, the partners announced the closing of non-recourse construction financing for approximately 60% of total project costs. Alexandria also announced the signing of a long-term lease for approximately 154,000 square feet with Dana-Farber Cancer Institute ("Dana-Farber"), the top-ranked cancer center in New England and one of the largest research grant recipients among independent hospitals in the United States.
The state-of-the-art life science center will emerge as the key destination for academic, clinical, and commercial collaboration in the heart of Boston's internationally acclaimed Longwood Medical Area innovation cluster. Ideally located at the key intersection of Longwood and Brookline Avenues, Longwood Center is immediately adjacent to 23 leading medical, research, and academic institutions including Harvard Medical School, Beth Israel Deaconess Medical Center, Brigham and Women's Hospital, Children's Hospital Boston, Dana-Farber, Joslin Diabetes Center, and Merck Research Laboratories. As proven in Alexandria's other leading life science clusters around the globe, the resulting synergy of these core elements will provide a dynamic ecosystem where innovative discoveries are transformed into safe and effective products that address the most critical international healthcare challenges and help relieve the economic burden of disease to society.
The highly unique 1.02-acre site will ultimately comprise an approximately 414,000 square foot, 11-story building with flexible, modern laboratory and office settings, as well as a variety of innovative and sustainable environments including a lively and engaging street level, vibrant amenities, and an onsite parking garage. With Longwood Medical Area's low vacancy rate for laboratory and office space at less than 1% and no other "shovel ready" projects, Alexandria and its partners have a significant window of opportunity to attract world-renowned institutions and commercial entities that wish to collaborate with the 58,000 scientists, physicians, staff, and students who work in this densely developed, highly sophisticated life science submarket.
The announcement highlights Alexandria's financing of the project through the use of top-tier joint venture partners, National Development ("ND"), Charles River Realty Investors ("CR"), and Clarion Partners, LLC ("Clarion"). In addition, the partners announced the closing of non-recourse construction financing for approximately 60% of total project costs. Alexandria also announced the signing of a long-term lease for approximately 154,000 square feet with Dana-Farber Cancer Institute ("Dana-Farber"), the top-ranked cancer center in New England and one of the largest research grant recipients among independent hospitals in the United States.
The state-of-the-art life science center will emerge as the key destination for academic, clinical, and commercial collaboration in the heart of Boston's internationally acclaimed Longwood Medical Area innovation cluster. Ideally located at the key intersection of Longwood and Brookline Avenues, Longwood Center is immediately adjacent to 23 leading medical, research, and academic institutions including Harvard Medical School, Beth Israel Deaconess Medical Center, Brigham and Women's Hospital, Children's Hospital Boston, Dana-Farber, Joslin Diabetes Center, and Merck Research Laboratories. As proven in Alexandria's other leading life science clusters around the globe, the resulting synergy of these core elements will provide a dynamic ecosystem where innovative discoveries are transformed into safe and effective products that address the most critical international healthcare challenges and help relieve the economic burden of disease to society.
The highly unique 1.02-acre site will ultimately comprise an approximately 414,000 square foot, 11-story building with flexible, modern laboratory and office settings, as well as a variety of innovative and sustainable environments including a lively and engaging street level, vibrant amenities, and an onsite parking garage. With Longwood Medical Area's low vacancy rate for laboratory and office space at less than 1% and no other "shovel ready" projects, Alexandria and its partners have a significant window of opportunity to attract world-renowned institutions and commercial entities that wish to collaborate with the 58,000 scientists, physicians, staff, and students who work in this densely developed, highly sophisticated life science submarket.
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