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Alexandria Real Estate Equities, Inc. Announces Long-Term Lease With Bristol Myers Squibb for a New 427,000 RSF Innovative Research Hub at the Alexandria Point Mega Campus in the San Diego Cluster Market

03/02/2022

PASADENA, Calif., March 2, 2022 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT and the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, agtech and technology campuses in AAA innovation cluster locations, today announced that Bristol Myers Squibb (BMS) has executed a long-term lease for the development of the global biopharmaceutical company's newest core R&D facility, an iconic 427,000 RSF world-class building at Alexandria Point. Located in the heart of the University Town Center (UTC) submarket in San Diego, Alexandria Point is the company's first leading-edge, highly sustainable amenity-rich mega campus.

This historic milestone lease marks the second-largest life science lease in Alexandria's history and further enhances its long-term strategic relationship with BMS. Since 1998, Alexandria has strategically partnered with BMS to empower its growth and expansion in the most innovative life science cluster locations across the country, aggregating over 900,000 RSF across five of Alexandria's cluster markets, San Diego, Greater Boston, the San Francisco Bay Area, New York City and Seattle.

"BMS looks forward to bringing our teams across San Diego to work together at our new innovative research hub," said Rupert Vessey, executive vice president, Research and Early Development of Bristol Myers Squibb. "Having a single campus will accelerate collaboration amongst our company's research teams and will foster a flexible working ecosystem to further BMS's mission to advance medicines for patients who need them most." 

Alexandria's unique strategic insight into San Diego's key life science innovation drivers has enabled the company to establish and maintain its position at the vanguard of the region's life science industry since 1994, when, as a newly founded startup company, it acquired its first laboratory building in Torrey Pines. Today, Alexandria's asset base in the San Diego cluster market approximates 13 million RSF (which includes properties in operation or under construction, as well as projects under near-term, intermediate-term or future development and redevelopment as of December 31, 2021). Additionally, the vital Labspace® infrastructure, risk capital and thought leadership Alexandria delivers across its cluster markets continue to enable the company to advance its position as a leader in disruptive life science innovation.

"We are thrilled to continue our important and valued strategic relationship with Bristol Myers Squibb as an anchor tenant at Alexandria Point. Our pioneering and collaborative real estate platform, unparalleled expertise, operational excellence and best-in-class design and placemaking prowess continue to empower BMS's expansion in the nation's most innovative markets and, ultimately, its critical work to discover, develop and deliver innovative medicines that meet very large unmet needs in human health," said Daniel J. Ryan, co-chief investment officer and executive vice president – regional market director for the San Diego region. "The new facility's iconic architecture is strategically designed to drive innovation and inspire collaboration. Designed to illuminate as a beacon of science, the building's dramatic five-story interior atrium creatively illustrates the groundbreaking discoveries taking place within the building while providing open space and natural light to a beautifully connected space that is purpose-built to help enable BMS in its recruitment and retention of top talent."

Upon completion, Alexandria Point will provide over 2 million square feet of mission-critical laboratory and office space, as well as over 100,000 square feet of amenities. In addition to the campus's existing suite of amenities, which include an organic eatery, a best-in-class wellness and fitness center, state-of-the-art conference space, expansive green space and an on-site garden, Alexandria plans to expand the mega campus's unparalleled amenity offerings to include a large event lawn and an expanded conferencing center to accommodate a range of tenant needs from intimate group meetings to large 800-person events. A full-court gymnasium, additional employee-centric dining options and a rooftop deck with breathtaking views of the surrounding mountains and Torrey Pines will also be added to the campus.

Within the campus and in the surrounding community, Alexandria Point is at the forefront of sustainability initiatives. In targeting LEED® Gold certification for BMS's new development, Alexandria continues to undertake strategic measures to increase energy efficiencies, mitigate carbon emissions, improve redundancy of systems and remove demanding operational requirements from its tenants through a state-of-the-art central plant to be operated by Alexandria. The faceted facade, which is designed to provide stellar views, also efficiently mitigates solar heat gain within the building. Alexandria is also working with the regional government to improve traffic flow and implement sustainable transportation options through the Alexandria Mobility Initiative for Greater UTC, which includes plans for an autonomous shuttle service to the recently completed San Diego Trolley line and regional COASTER rail line.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® urban office REIT, is the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, agtech and technology campuses in AAA innovation cluster locations, with a total market capitalization of $44.0 billion as of December 31, 2021, and an asset base in North America of 67.0 million SF. The asset base in North America includes 38.8 million RSF of operating properties and 4.8 million RSF of Class A properties undergoing construction, 8.7 million RSF of near-term and intermediate-term development and redevelopment projects and 14.7 million SF of future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and Research Triangle. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science, agtech and technology campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity and success. Alexandria also provides strategic capital to transformative life science, agtech and technology companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns and greater long-term asset value. For additional information on Alexandria, please visit www.are.com.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding Alexandria's sustainability goals with respect to the Alexandria Point campus, including the goals of improving energy efficiencies and redundancy of systems, removing operational requirements for tenants, mitigating carbon emissions and solar heat gain, and receiving LEED certification; the results of working with the regional government to improve traffic and implement sustainable transportation options; the expected amenities and architecture of the Alexandria Point campus; and the impact of the Alexandria Point campus on BMS's continued growth, goals and ability to recruit and retain talent. These forward-looking statements are based on the Company's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by the Company's forward-looking statements as a result of a variety of factors, including, without limitation, the risks and uncertainties detailed in its filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update this information. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in the Company's forward-looking statements, and risks and uncertainties to the Company's business in general, please refer to the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

CONTACT:  Sara Cohen, Executive Director – Strategic Operations, (626) 788-5584, scohen@are.com

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SOURCE Alexandria Real Estate Equities, Inc.

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