PASADENA, Calif., March 4, 2013 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the largest and leading owner, operator, and developer of high-quality, sustainable real estate for the broad and diverse life science industry, is pleased to announce that Onyx Pharmaceuticals, Inc., a global commercial-stage oncology company, has executed a 10-year lease with an affiliate of Alexandria for a new, single tenant, ground-up development at 269 East Grand Avenue in South San Francisco. This new lease transaction affirms Onyx's continued growth into a successful, commercial-stage biotechnology company, as well as Alexandria's longstanding reputation as the best-in-class provider of high-quality real estate and related solutions for the world's leading life science companies.
"Onyx represents a significant new second generation of biotechnology companies that are commercializing breakthrough, high-impact products that will save lives, manage disease, and reduce the economic burden of disease on society," said Joel S. Marcus , Chairman, Chief Executive Officer and Founder of Alexandria. "We are honored that Onyx and its world-class team have chosen a long-term partnership with Alexandria, and we look forward to their continued growth and success in the years to come."
The ground-up development of this facility is consistent with Alexandria's strategy to transform non-income-producing land into income-producing assets with significant pre-leasing from high-quality client tenants. As an investment-grade REIT, Alexandria also intends to fund this development on a leverage-neutral basis. Alexandria exp
|SOURCE Alexandria Real Estate Equities, Inc.|
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