PASADENA, Calif. (STL.News) – Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT and the first and longest-tenured owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations, today announced that Adaptive Biotechnologies Corporation has signed a 12-year, full-building lease at 1165 Eastlake Avenue East, an amenity-rich, sustainable 100,000 RSF HQ office/laboratory development with sweeping lake views, located within the prominent Eastlake Life Science Campus in the heart of its Lake Union life science cluster in Seattle. Adaptive is a commercial-stage biotechnology company that reads and translates the genetic code of the adaptive immune system with the goal of developing personalized diagnostics and therapeutics to improve patient lives. The new headquarters enables Adaptive to expand in close proximity to its existing facility at 1551 Eastlake Avenue East, also owned and operated by Alexandria. The ground-up development project at 1165 Eastlake is expected to deliver in 2020, and Adaptive is expected to occupy the new space in 2021.
1165 Eastlake will provide Adaptive with a long-term real estate solution on a dynamic campus, which is designed to serve its needs at the intersection of life science and technology. In addition to tripling its footprint in Seattle, Adaptive’s new waterfront headquarters will feature inspiring and sustainable design, leading-edge laboratories, creative office space and a collection of thoughtfully crafted amenities, including future direct access to water sports, an open-air plaza for gathering and a rooftop deck with panoramic views of the Space Needle, Lake Union and the Seattle skyline.
“Alexandria has a crucially important history in Seattle. Since 1996, we have helped create and grow Seattle’s Lake Union life science cluster. We have been at the vanguard of strategically partnering with pioneering life science companies that are pursuing bold new approaches to disease diagnosis, treatments and cures that are emerging and growing in this important life science cluster,” said Joel S. Marcus, executive chairman and founder of Alexandria Real Estate Equities, Inc. and Alexandria Venture Investments. “Adaptive, a current tenant, is one of the most transformative companies working to profoundly change how we diagnose and treat disease by learning from the body’s adaptive immune system. We are proud that Adaptive chose 1165 Eastlake as the home of its future HQ in Seattle, and we are committed to creating a collaborative environment to support Adaptive’s efforts to recruit and retain top talent and realize its mission.”
“We are thrilled to work with Alexandria to expand our presence in our new headquarters on Lake Union,” said Chad Robins, chief executive officer and co-founder of Adaptive. “This expansion will provide us with improved space and amenities that will enable us to further cultivate and attract mission-oriented and talented people, and support our strategic growth trajectory.”
Alexandria’s continued expansion of The Eastlake Life Science Campus also includes 1150 Eastlake Avenue East, a distinctively designed 260,000 RSF world-class office/laboratory development. The company is already seeing strong demand for the project from a range of innovative entities. Boasting unique, sustainable design with spectacular views of the Space Needle, Lake Union and the Seattle skyline from throughout the building, 1150 Eastlake will feature stunning conference and event spaces with a signature glass atrium that seamlessly blends the indoors with the outdoors, multiple ground-floor eateries with health-conscious food, a dynamic rooftop deck and an open pedestrian path. Pre-construction of 1150 Eastlake is expected to begin in 2020, and the building is expected to be significantly pre-leased well in advance of its projected initial occupancy in 2022.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office REIT, is the first and longest-tenured owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $22.2 billion as of June 30, 2019, and an asset base in North America of 34.3 million SF. The asset base in North America includes 23.6 million RSF of operating properties; 1.5 million RSF undergoing construction with projected initial occupancy in 2019, which is 90% leased; and 9.2 million SF of near-term, intermediate-term and future development and redevelopment projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, 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 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 and technology companies through our venture capital arm. 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 more information, please visit www.are.com.
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 the development and impact of Alexandria’s 1165 and 1150 Eastlake Avenue East projects. These forward-looking statements are based on Alexandria’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 Alexandria’s forward-looking statements as a result of a variety of factors. All forward-looking statements are made as of the date of this press release, and Alexandria 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.