Alexandria Real Estate Equities, Inc. Receives Final Approval From City of Cambridge to Develop Its East Cambridge State-of-the-Art Life Science Community
PASADENA, Calif., June 3 /PRNewswire-FirstCall/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), Landlord of Choice to the Life Science Industry®, today announced that the Cambridge Planning Board has granted final zoning approval for its transformative life science development, known as the Binney Street Project. This development, with its crucial adjacency location near Kendall Square, in the heart of East Cambridge, is positioned to be the epicenter of Cambridge's life science industry.
The Binney Street Project is an 11.3-acre development that will consist of approximately 1.72 million square feet of office/laboratory space and other mixed uses. It will include a mixed mode transportation center and more than two acres of public open space for the East Cambridge community. Once completed, the Project will have five highly sustainable state-of-the-art life science facilities in addition to the preservation of existing historic buildings. All buildings will be LEED certifiable, employing state-of-the-art design and technology featuring sustainable operations including high-efficiency mechanical systems, rooftop storm water management and water-efficient landscaping. This innovative development, in the heart of the renowned Kendall Square district, will provide convenient access to leading research and academic institutions including Massachusetts Institute of Technology, Whitehead Institute for Biomedical Research, the Broad Institute and Harvard University.
"The Binney Street Project is one of the most important developments of its kind and will further enhance Cambridge's position as a world leading center for life science research and development," said Tom Andrews, Senior Vice President and Regional Market Director, Alexandria Real Estate Equities, Inc. "We have worked closely with the City of Cambridge on this project and look forward to moving forward with the development of a truly unique, world-class life science cluster that will attract leading research organizations, pharmaceutical and emerging biopharmaceutical companies to an already vibrant broad and diverse life science community."
Alexandria Real Estate Equities, Inc. has a dominant presence in the Cambridge market, with more than 2.1 million square feet of office/laboratory space and more than 60 client-tenants. Alexandria's Technology Square life science cluster is one of the world's leading destinations for the industry. Within the Cambridge market, Alexandria includes among its client tenants such industry leaders as GlaxoSmithKline, Inc., Massachusetts Institute of Technology, Novartis AG, Pfizer Inc., Biogen Idec, Dyax Corp., Alnylam Pharmaceuticals, Inc. and Thermo Fisher Scientific Inc.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc., Landlord of Choice to the Life Science Industry®, is the largest owner and pre-eminent first-in-class REIT and leading provider of high-quality environmentally sustainable real estate, technical infrastructure, and services to the broad and diverse life science industry focused in the leading life science clusters. Client tenants include institutional (universities and independent not-for-profit institutions), pharmaceutical, biotechnology, medical device, product, service and translational entities, renewable energy entities, as well as government agencies. Alexandria's operating platform is based on the principle of "clustering," with assets and operations located in key life science markets. Our asset base approximates 12.7 million rentable square feet (including spaces undergoing active redevelopment and properties undergoing ground-up development).
This press release contains forward-looking statements, including earnings guidance, within the meaning of the federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in our Annual Report on Form 10-K and our other periodic reports filed with the Securities and Exchange Commission.