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Alexandria Adds to Mission Bay Holdings

SAN FRANCISCO-One month after acquiring land entitled for 508,000 sf of commercial space, the publicly traded owner and developer of office and laboratory space for the life sciences industry acquires land entitled for an additional 935,000 sf of development.

By Brian K. Miller | Updated on October 31, 2004

SAN FRANCISCO-Alexandria Real Estate Equities has acquired an additional 935,000 sf of commercial space entitlements at Mission Bay. The publicly traded owner and developer of office and laboratory space for the life sciences industry in September acquired 508,000 sf of Mission Bay entitlements. The land is being sold by locally based Catellus Development Corp., which in January converted to an industrial-focused REIT. When it began selling off its Mission Bay holdings, it held 303 acres there entitled for 5.4 million sf of office, 548,000 sf of retail, 3,158 units of residential and 500 hotel rooms. The book value of the land is $208.7 million, according to past SEC filings.In past weeks, several entities have acquired or tied up Mission Bay Land. Last month, University of California began negotiating a 99-year ground lease for 10 acres at Mission Bay entitled for 1 million sf of office and life science space. In September, in addition to Alexandria’s first deal, Catellus entered contracts to sell land entitled for 2,300 housing units, most of which are being sold to Bosa Development California Inc. Much of the entitled commercial land being sold is adjacent to UCSF Mission Bay, the University of California at San Francisco’s new 43-acre biotechnology research and life science campus. “UCSF’s development progress has had an enormous impact and, we expect, should enhance our efforts to transform Mission Bay into a first class life science cluster destination,” says Alexandria chief executive Joel Marcus. Catellus has not said for how much the commercial entitled land is being sold. Local sources tell GlobeSt.com that Catellus has been asking $55 per entitled sf.

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