Alexandria Secures Lab Expansion Lease in the Bay Area
By Greg Cornfield November 22, 2024 5:05 pm
reprints
The nation’s biggest real estate investment trust dedicated to life sciences space has secured an extension and expansion with one of its anchor tenants in the San Francisco Bay Area.
Alexandria Real Estate Equities (ARE) announced Vaxcyte, a clinical-stage biopharmaceutical company focused on bacterial diseases, signed a 10-year lease for 258,581 square feet at Alexandria’s mega-campus in San Carlos, Calif. The lease includes new space as well as an extension on existing space at 825 Industrial Road, where the company has been the anchor tenant since it opened in 2021.
The 739,157-square-foot campus is now 97.4 percent occupied, and maintains approximately 1.4 million square feet of potential development opportunities. It also features shops, restaurants, and a fitness and wellness center.
Pasadena, Calif.-based Alexandria has been spending the past couple of years adjusting to both the rapid influx in demand following the pandemic and the stark market correction after investors overprescribed new lab development. The firm has continued its large-scale effort to unload non-core assets to focus on its portfolio of mega-campuses, and is on track to sell some $1.5 billion in properties this year.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
