CAMBRIDGE, MA–Alexandria Real Estate Equities Inc. has agreed to pay $270 million to extend its ground lease at Technology Square in Cambridge, MA through almost the end of the century, according to Boston Business Journal.
Quoting from the company’s quarterly securities filing, Boston Business Journal said that the deal will give the California-based real estate investment control of the 1.2-million-square-foot Kendall Square campus through the end of 2088.
“Its ground-lease interest had previously extended until 2065,” Boston Business Journal said. “Alexandria initially acquired the interest from an MIT affiliate for $600 million in 2006. The campus includes facilities for global life sciences heavyweights such as Novartis AG and GlaxoSmithKline PLC, as well as Mass General Brigham and MIT itself.”
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a life science REIT making a positive and lasting impact on the world. As the pioneer of the life
science real estate niche with its founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2024, Alexandria has a total market capitalization of $32.5 billion and an asset base in North America that includes 42.1 million RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years.
