Alexandria Real Estate Equities, Inc. is a

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

based in

Pasadena, California Pasadena ( ) is a city in Los Angeles County, California, northeast of downtown Los Angeles. It is the most populous city and the primary cultural center of the San Gabriel Valley. Old Pasadena is the city's original commercial district. I ...

that invests in

office building An office is a space where an organization's employees perform administrative work in order to support and realize objects and goals of the organization. The word "office" may also denote a position within an organization with specific dut ...

s and laboratories leased to tenants in the life science and technology industries. The company also has a

venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which ha ...

arm, Alexandria Venture Investments, which invests in life sciences firms. The company is named after

Alexandria Alexandria ( or ; ar, ٱلْإِسْكَنْدَرِيَّةُ ; grc-gre, Αλεξάνδρεια, Alexándria) is the second largest city in Egypt, and the largest city on the Mediterranean coast. Founded in by Alexander the Great, Alexandria ...

Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediter ...

because of that city's connection to science.

Investments

As of December 31, 2022, the company owned or had investments in 41.7 million square feet of operating properties in addition to properties under construction. The company's largest tenants are as follows: The company's revenues are derived in the following markets: Properties are generally located near universities to attract tenants. The company has several properties in

Kendall Square Kendall Square is a neighborhood in Cambridge, Massachusetts. The square itself at the intersection of Main Street and Broadway. It also refers to the broad business district east of Portland Street, northwest of the Charles River, north of MIT ...

Cambridge, Massachusetts Cambridge ( ) is a city in Middlesex County, Massachusetts, United States. As part of the Boston metropolitan area, the cities population of the 2020 U.S. census was 118,403, making it the fourth most populous city in the state, behind Boston, ...

, where it has invested over $2.3 billion since its first investment in the neighborhood in 2002. Its largest campuses in Boston are the 2,365,487 square foot Alexandria Center at Kendall Square and the 1,181,635 square foot

Technology Square (Cambridge, Massachusetts) Technology Square, nicknamed Tech Square, is a commercial office building complex in the Kendall Square neighborhood of Cambridge, Massachusetts, immediately adjacent to the campus of the Massachusetts Institute of Technology (MIT), which is one ...

. The company's 740,972 square foot Alexandria Center for Life Science in

Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...

has several

biotechnology Biotechnology is the integration of natural sciences and engineering sciences in order to achieve the application of organisms, cells, parts thereof and molecular analogues for products and services. The term ''biotechnology'' was first used b ...

tenants. The company's San Diego properties are primarily in

Torrey Pines, San Diego Torrey Pines is a community neighborhood of in the northern coastal area of San Diego, California, residential with large areas of office space along I-5. The large office, retail, entertainment and academic facilities in University City, San D ...

University City, San Diego University City (UC) is a community in San Diego, California, located in the northwestern portion of the city next to the University of California, San Diego. University City is bordered by La Jolla and Interstate 5 to the west, Miramar, San Dieg ...

, and

Sorrento Mesa, San Diego Sorrento Mesa is a neighborhood in northwestern San Diego, California. It lies on a mesa with many ridges, north of Carrol Canyon Road, east of Interstate 805, west of Camino Santa Fe, and south of a canyon locally known as Lopez Canyon. The San Die ...

History

In 1993, one of the partners of

Jacobs Engineering Group Jacobs Solutions Inc. is an American international technical professional services firm. The company provides engineering, technical, professional and construction services, as well as scientific and specialty consulting for a broad range of cli ...

, Jerry M. Sudarsky, was presented with a Business Plan written by Kendell R. Lang titled BioProperties Management Group, Inc., which was a plan to form a REIT dedicated to funding biotech properties. The initial business plan included founders Kendell Lang, Alan Gold, Gary Kreitzer, and Steven Stone as part of the initial management team. Jacobs approached Joel S. Marcus, a lawyer and CPA, with the idea of representing their interests in this company to oversee the management team who intended to provide laboratories and office space to biotech firms. Jacobs invested in the company with $5 million. Its first purchase was of 4 buildings in San Diego which had been negotiated and structured by Kendell R. Lang. In 1997, it became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

, raising $155 million. In October 2002, the company acquired the headquarters of ZymoGenetics for $52 million in a

leaseback Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done f ...

transaction. In 2007, the company began development of the West Tower of the

MaRS Discovery District MaRS Discovery District is a not-for-profit corporation founded in Toronto, Ontario, Canada in 2000. Its stated goal is to commercialize publicly funded medical research and other technologies with the help of local private enterprises and as such ...

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...

. The company stopped construction during the

financial crisis of 2007-08 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fin ...

, and in 2014, it sold its interest to the

Government of Ontario The government of Ontario (french: Gouvernement de l'Ontario) is the body responsible for the administration of the Canadian province of Ontario. A constitutional monarchy, the Crown—represented in the province by the lieutenant governor� ...

for $65 million. In January 2013, the company sold a research facility in Seattle to

Trammell Crow Company Trammell Crow Company is a real estate development, investment, and property management company. It has been a subsidiary of CBRE Group since 2006. History The company was founded by Trammell Crow Fred Trammell Crow (June 10, 1914 – January 1 ...

for $42.6 million. In June 2018, the company acquired an office building leased to

Amazon.com Amazon.com, Inc. ( ) is an American multinational technology company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. It has been referred to as "one of the most influential economi ...

in Seattle from

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...

for $95 million. In July 2018, the company acquired 219 East 42nd Street, the headquarters of

Pfizer Pfizer Inc. ( ) is an American multinational pharmaceutical and biotechnology corporation headquartered on 42nd Street in Manhattan, New York City. The company was established in 1849 in New York by two German entrepreneurs, Charles Pfizer ...

, for $203 million in a

transaction.

References

External links

* {{authority control 1997 initial public offerings Companies based in Pasadena, California Companies listed on the New York Stock Exchange Financial services companies established in 1994 Real estate companies established in 1994 Real estate investment trusts of the United States