Alexandria Real Estate Equities has extensive holdings in the San Diego area totaling approximately 5 million rentable square feet, including its Alexandria at Torrey Pines property.
SAN DIEGO—Office REIT Alexandria Real Estate Equities reports it has launched a new product geared to providing post-seed-stage life science companies with turnkey, fully furnished office/laboratory suites.
The first “Alexandria GradLabs” property will be located in San Diego at 9880 Campus Point Drive. The 98,000-square-foot project is scheduled to be delivered by 2020 and will be built at the Pasadena, CA-based firm's flagship San Diego property—Campus Pointe by Alexandria.
Campus Pointe by Alexandria, located in the University Town Center submarket, is anchored by Eli Lilly and Company, Celgene Corp. and UC San Diego. The campus also has future development and redevelopment opportunities aggregating 697,000 rentable square feet that would thus create a 1.6 million-square-foot campus.
Alexandria GradLabs will feature a modern design; a communal gathering and event space and on-site shared laboratory equipment. These features will be complemented by Campus Pointe by Alexandria's existing amenities, including Green Acre, Brian Malarkey's farm-to-table eatery; a conference center; a fully equipped fitness center, accompanied by a regulation-size soccer field and outdoor walking trails and an organic farm. The new building, which is targeting a minimum of LEED Gold certification, will employ many sustainable design principles, Alexandria Real Estate Equities states in the press announcement of the Alexandria GradLabs launch.
Dan Ryan, co-chief investment officer and San Diego regional market director, says he sees significant need for laboratory and office space from fledgling life science companies that have outgrown or will soon outgrow incubator space in its cluster.
“Our intention with Alexandria GradLabs is to provide immediately occupiable, efficient and highly flexible life science workspaces, complete with the outstanding amenities and laboratory resources more commonly enjoyed by large biotechnology and pharmaceutical companies, to further nurture the growth of San Diego's next leading innovators and accelerate the pace of innovation that is critical for translating discoveries into products to help patients,” Ryan says.
As of Dec. 31, 2018, Alexandria's San Diego operating asset base consisted of approximately 5 million rentable square feet. The firm reports it has an additional 1.1 million rentable square feet under construction and pre-construction targeted for delivery through 2022.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
