PASADENA, Calif., July 22 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), Landlord of Choice to the Life Science Industry(R), announced today that an affiliate has entered into a long-term lease with Eli Lilly and Company as the anchor tenant at the Alexandria Center for Science and Technology at East River Science Park ("the Alexandria Center"). Lilly has leased approximately 91,000 rentable square feet, as well as an additional approximately 9,000 rentable square feet of core services space, at the Alexandria Center, which will become the new research headquarters for ImClone Systems, a wholly-owned subsidiary of Eli Lilly and Company, to be New York City's life science collaboration and translational research epicenter. Occupancy is expected in approximately June 2010.
To mark this profound milestone in the continued development of Alexandria's New York City life science cluster, Mayor Michael R. Bloomberg held a press conference today at the Alexandria Center for Science and Technology at East River Science Park, along with New York City Council Speaker Christine C. Quinn, Empire State Development Corporation Chairman and CEO-designate Dennis Mullen, Dr. John C. Lechleiter, Chairman, President and Chief Executive Officer of Eli Lilly and Company, Dr. Larry Witte, Senior Vice President of Research of ImClone Systems and Joel S. Marcus, Chairman, President and Chief Executive Officer of Alexandria Real Estate Equities, Inc., as well as many dignitaries.
ImClone Systems is a leader in the development and commercialization of novel therapeutic products in the field of oncology, such as ERBITUX((R)) (cetuximab) and a broad spectrum of innovative product candidates with potential application in multiple tumor types. Committed to building an oncology powerhouse, Eli Lilly and Company acquired ImClone Systems in November 2008 as a complement to its internal cancer research unit, Lilly Oncology. Locating translational research and development at the Alexandria Center provides ImClone Systems and Lilly Oncology with a unique and highly collaborative platform from which to access renowned medical and research institutions in New York City. Alexandria's New York City presence will leverage the Company's proprietary clustering model to recruit a broad and diverse spectrum of life science entities.
"New York City has always been at the forefront of scientific innovation, but the City has never fully capitalized on its assets to create a thriving commercial bioscience industry and the jobs that come with it," said Mayor Bloomberg. "We joined with Alexandria Real Estate Equities to create the East River Science Park to provide today's bioscience companies with the state-of-the-art commercial lab space they need to locate and expand. Lilly's decision to become its anchor tenant is evidence that our work is paying off. It also serves as a major boost to our efforts to diversify New York City's economy. In recent months, we have announced initiatives to promote entrepreneurship, develop green jobs, support nonprofits, grow the media industry and add industrial jobs, and today's announcement affirms our belief that bioscience is another industry in which the City can and will succeed."
"Alexandria has had a prior relationship with Lilly in one of its primary life science cluster markets and has worked cooperatively on a number of strategic initiatives. Lilly is the first top-tier biopharmaceutical company to base translational research and development operations in New York City," said Joel S. Marcus, Chairman, President and Chief Executive Officer of Alexandria Real Estate Equities, Inc. "Alexandria has now delivered on its strategy to take the positive attributes of New York City and couple them with its world-class life science cluster capabilities to provide the best technical environments in which to conduct and foster cutting edge collaboration among life science entities to produce tomorrow's cost effective medicines that improve the human condition."
About the Alexandria Center for Science and Technology at East River Science Park
The Alexandria Center is poised to become on of the world's leading centers for life science clustering -- a science park in the heart of New York City. The Alexandria Center will ultimately consist of an approximately 1.1 million rentable square foot campus of first-class technical space uniquely designed with Alexandria's novel proprietary products to accommodate and foster collaboration among a broad spectrum of life science entities. The campus will include a state-of-the-art digital conference center, as well as space for clinical and translational research and development. There will also be a notable restaurant, cafe, fitness center and a one acre landscaped science park, with stunning East River views. Located in Manhattan's East Side life science/medical corridor, the science park will capitalize on its proximity to the City's academic medical research institutions and major hospitals. New York City combines the preeminent location of the Alexandria Center with science, capital and talent - the critical components of a successful cluster market. World-class life science entities are attracted to Alexandria's world-renowned scientific research environments located in the leading life science cluster markets world-wide, unique sustainable operations and unique proprietary services.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc., Landlord of Choice to the Life Science Industry((R)), is the largest owner and preeminent first-in-class real estate investment trust focused principally on science-driven cluster formation. Alexandria is the leading provider of high-quality environmentally sustainable real estate, technical infrastructure and services to the broad and diverse life science industry. Client tenants include institutional (universities and independent not-for-profit institutions), pharmaceutical, biopharmaceutical, medical device, product, service, and translational entities, as well as government agencies. Alexandria's operating platform is based on the principle of "clustering", with assets and operations located in key life science markets. At March 31, 2009, the Company's asset base approximated 12.8 million rentable square feet consisting of 156 properties approximating 11.7 million rentable square feet (including spaces undergoing active redevelopment) and properties undergoing ground-up development approximating an additional 1.1 million rentable square feet.
This press release contains forward-looking statements within the meaning of the federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in our Annual Report on Form 10-K and our other periodic reports filed with the Securities and Exchange Commission.
|SOURCE Alexandria Real Estate Equities, Inc.|
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