Alexandria Snags a Pair of Big Bicoastal Lab Leases
By Greg Cornfield December 18, 2023 11:04 am
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Alexandria Real Estate Equities (ARE), the country’s biggest life sciences landlord and developer, secured two big long-term leases, one in each of the two biggest hubs in the county.
The Pasadena, Calif.-based REIT announced global health care company Novo Nordisk signed a lease for 165,940 square feet in Greater Boston while Cargo Therapeutics, a clinical-stage biotech company, signed a 99,557-square-foot lease in the San Francisco Bay Area. The rents were not disclosed.
Novo will move into the Waltham, Mass., redevelopment at 60 Sylvan Road in the Route 128 submarket, expected to be available in 2025. ARE bought the 1.5 million-square-foot campus near Cambridge, downtown Boston and Logan International Airport for $272 million almost one year ago.
Meanwhile, Cargo, which raised $291 million in its IPO in November, will move into Alexandria’s San Carlos campus at 835 Industrial Road in early 2024. Cargo focuses on advancing platform technologies and cell therapies. The campus between Highway 101 and the San Carlos Caltrain station features nearly 737,000 square feet, and can accommodate about 1.4 million square feet of future development, per ARE.
Alexandria has a total market capitalization of $28.3 billion and an asset base in North America of 75.1 million square feet.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
