Alexandria Real Estate Equities, Inc. (ARE - Free Report) , a real estate investment trust (REIT), recently entered into long-term agreements with six prestigious life science and technologies companies, to lease a total of 187,000 square feet of space at ‘Alexandria Park at 128’ located in the midst of Route 128 submarket of Greater Boston.
Alexandria Park at 128 is an eight-building science and Technology Park, spanning approximately 345,000 square feet. Strategically located near Hartwell Avenue, the property is well connected to various residential areas, restaurants, shops, and convenient amenities.
The property is already occupied by leading life science and advanced technology companies including TIAX LLC, RainDance Technologies, Inc., Diversified Technologies, Inc., Celgene Corp. (CELG - Free Report) and Synta Pharmaceuticals Corp. .
After the agreement, the property will now have six more renowned firms as its tenants. These include Cystic Fibrosis Foundation, QD Vision, Inc., Emerald BioStructures, 1366 Technologies, Inc., Microbia, Inc. and Life Technologies Corp. (LIFE - Free Report) .
The Greater Boston market is among the Alexandria Real Estate’s core operational markets cluster. It owns and operates approximately 3.5 million square feet of office and high-quality laboratory space in close proximity to the renowned academic and medical institutions of world.
The company has around 100 client tenants in the area including the likes of GlaxoSmithKline plc (GSK - Free Report) , Abbott Laboratories (ABT - Free Report) , Biogen Idec Inc. (BIIB - Free Report) , Novartis AG (NVS - Free Report) , Quest Diagnostics Inc. (DGX - Free Report) , Thermo Fisher Scientific Inc. (TMO - Free Report) and others.
Alexandria Real Estate’s submarkets in the Great Boston area include Cambridge, Longwood Medical Area and Route 128. The Route 128 submarket has around 580,000 square feet of laboratory and office space in a viable suburban location having easy accessibility to the renowned medical and academic centers of Boston and Cambridge. The company currently has an occupancy rate of 95.2% in this submarket.
Pasadena, California-based, Alexandria Real Estate is the largest owner and leading life science real estate company, focused principally on science-driven cluster development through the ownership, operation, management, and selective acquisition, development, and redevelopment of properties containing life science laboratory space. The company leases the properties mainly to universities, pharmaceutical, medical device, life science product, biotechnology, service, biodefense, and translational research entities.
Alexandria Real Estate currently has Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock.