PASADENA, Calif., June 26, 2015 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the largest and leading REIT uniquely focused on collaborative science campuses in urban innovation clusters, announced today that Bristol-Myers Squibb (NYSE: BMY), a global biopharmaceutical company, will establish a state-of-the-art research and development center at the Alexandria Center® at Kendall Square (ACKS) in the heart of the Cambridge Kendall Square innovation cluster. As the anchor tenant in Alexandria's newest ground-up development at 100 Binney Street, Bristol-Myers Squibb will lease 208,000 rentable square feet (RSF) in a world-class, highly sustainable office/laboratory facility that has a total of 431,500 RSF. The project will begin construction in July 2015 and is expected to be delivered in the fourth quarter of 2017.
The decision by Bristol-Myers Squibb to locate its state-of-the-art research facility in the Cambridge Kendall Square innovation cluster affirms Alexandria Center at Kendall Square's reputation as one of the world's most desirable locations for life science recruitment, innovation, and collaboration.
"Bristol-Myers Squibb is one of the world's most respected biopharmaceutical companies because it continues to be a leading pioneer in identifying innovative treatments for serious diseases," said Joel S. Marcus, Chairman, Chief Executive Officer, and Founder of Alexandria Real Estate Equities, Inc. "We are truly honored to partner with Bristol-Myers Squibb, and welcome its top-notch R&D team to its new home in our Cambridge Kendall Square innovation cluster."
The 100 Binney Street location will provide Bristol-Myers Squibb with mission critical adjacency to the vibrant life science community and its deep talent pool in Cambridge, also strengthening the ability of Bristol-Myers Squibb to recruit and retain top talent. The Cambridge Kendall Square innovation cluster is known for its dense concentration of pharmaceutical and biotechnology companies, highly collaborative and innovative academic institutions including Massachusetts Institute of Technology (MIT), and a strong venture capital presence.
This flagship location, at the intersection of Binney and Second Streets, will feature stunning and innovative architecture that will be paired with glass facades and urban skyline views designed at the forefront of sustainability. 100 Binney will also include underground parking garages with car-share services, on-site covered bike parking, as well as excellent access to the Green and Red Lines, MBTA stops, and EZRide shuttle service. The amenity-rich retail and fitness facilities at the Alexandria Center at Kendall Square provide leading life science entities with a unique opportunity to drive productivity, accelerate innovation, and recruit and retain the brightest scientific talent.
The Alexandria Center at Kendall Square is an 11-acre, world-class urban campus with approximately 1.6 million RSF of high-quality office and laboratory space. Alexandria is the dominant life science owner and operator in its Greater Boston cluster with approximately 5.2 million RSF of high-quality laboratory and office space (including development and redevelopment assets) located adjacent to world-renowned academic medical research centers. Alexandria currently serves over 100 life science and related client tenants in its Greater Boston cluster.
Rendering of The Alexandria Center at Kendall Square, 100 Binney Street; Courtesy of Alexandria Real Estate Equities, Inc.
About Alexandria Real Estate Equities, Inc. (NYSE:ARE)
Alexandria Real Estate Equities, Inc., is the largest and leading REIT uniquely focused on collaborative science campuses in urban innovation clusters located in key cities, with a total market capitalization of $11.3 billion as of March 31, 2015, and an asset base of 30.7 million square feet, including 18.5 million RSF of operating and current value-creation projects, as well as an additional 2.2 million square feet of near-term and 10.0 million square feet of future ground-up development projects. Alexandria pioneered this niche in 1994 and has since established a dominant market presence in AAA locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle Park. Alexandria is known for its high-quality and diverse client tenant base, with approximately 52% of total annualized base rent as of March 31, 2015, generated from investment-grade client tenants – a REIT industry-leading percentage. Alexandria has a longstanding and proven track record of developing Class A assets clustered in urban science and technology campuses that provide its innovative client 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. Management believes these advantages result in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.