PASADENA, Calif., May 28, 2013 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the leading and largest owner, operator, and developer of high-quality, sustainable real estate for the broad and diverse life science industry, is honored to announce that a leading mid-cap life science company with an equity market capitalization of approximately $7 - $10 billion will establish its flagship Bay Area R&D center at 499 Illinois Street in Mission Bay, San Francisco. Located in the heart of one of the life science industry's most vibrant, innovative and entrepreneurial clusters, directly adjacent to UCSF'S research campus and the three new UCSF hospitals complex, 499 Illinois Street will provide this key client tenant with a unique advantage in retaining its existing world-class workforce, attracting new talent, and facilitating its continued growth and scientific dominance within its field. Additionally, as a global company with a broad customer base around the world, the Company's decision to locate this R&D center at 499 Illinois Street reaffirms Mission Bay's preeminent position as a leading international life science ecosystem comprised of world-class pharmaceutical, biotechnology, academic, government, and venture capital entities that are collectively developing novel, breakthrough products that will save lives, manage disease and reduce the economic burden of disease on society.
Alexandria's client tenant has signed a 10-year lease at 499 Illinois Street for approximately 97,700 rentable square feet (RSF), or 45%, of the 219,600 RSF facility, consistent with the Company's current "initial yield" projections. The client tenant will open a state-of-the-art R&D center in Mission Bay focused on the development of next generation products and services, as well as a customer
|SOURCE Alexandria Real Estate Equities, Inc.|
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