Alexandria Real Estate Equities

Alexandria Real Estate Equities, Inc.
Public
Traded as
Industry Real estate
Founded 1994 (1994)
Founder Joel Marcus
Jerry M. Sudarsky
Headquarters Pasadena, California, U.S.
Key people
 Joel S. Marcus (Chairman, Chief executive officer, and Founder)
Number of employees
 335 (2018)
Website are.com

Alexandria Real Estate Equities is a major United States real estate investment trust.

Business

Most of Alexandria's properties are offices and laboratories, and it focuses on renting to science and technology companies, especially in the life sciences. As of 2016, Alexandria had 20 million square feet of space located in 199 properties.[1] Tenants include Pfizer, Google, Eli Lilly and GlaxoSmithKline.[2] It has properties in various cities throughout the United States, including Boston, San Francisco, New York City, San Diego, Seattle, and Research Triangle Park.[2] As of 2016, 41% of rental revenue was from properties in the Boston Area, 19% was from properties in the San Francisco area, and 17% was from properties in the San Diego area.[1] Alexandria tries to locate its properties around universities, as opposed to more distant suburban locations.[3]

Alexandria also has a venture capital arm, Alexandria Venture Investments, which primarily invests in life sciences firms.[4]

History

Alexandria was founded in 1994 by Joel Marcus and Jerry M. Sudarsky.[5] It was named after Alexandria, Egypt, because of that city's connection to science.[2] It originally began as a collaboration between Marcus and Jacobs Engineering to provide laboratories and office space to biotech firms.[3] Its first purchase was of four buildings in San Diego.[3] It completed an IPO in 1997, raising $155 million.[3] In 2017, it joined the S&P 500.[6]

Properties

Alexandria has a cluster of properties in Kendall Square in Cambridge, Massachusetts, and is a major landlord in that neighborhood.[7] Its original investment in the area was in 2002, and it has invested at least $2.3 billion in properties in the neighborhood since then.[7] Its largest property is the Alexandria Center at Kendall Square, and other properties include Alexandria Technology Square and One Kendall Square.[1]

The Alexandria Center for Life Sciences in Manhattan has a number of tenants in the biotech industry.[8]

Alexandria has a number of properties in the University City neighborhood of San Diego.

Alexandria was the developer of the West Tower of the MaRS Discovery District in Toronto, which began construction in 2007.[9] The company stopped construction in 2008, due to the economic downturn, and was bought out by the Ontario government in 2011.[10]

References

  1. 1 2 3 "ARE > FOR INVESTORS > Annual Reports". investor.are.com. Retrieved 2017-12-13.
  2. 1 2 3 Alcorn, Stacey (2016-01-25). "Alexandria Real Estate Equities: More Than Just a Landlord". Huffington Post. Retrieved 2017-12-09.
  3. 1 2 3 4 Hartung, Adam. "The #1 Real Estate Stock To Own Is Built On Trends - Alexandria Real Estate Equities (NYSE:ARE)". Forbes. Retrieved 2017-12-10.
  4. ↑ "Alexandria Sets up Incubator, $25M Seed Fund For NY Bio Startups | Xconomy". Xconomy. 2016-06-08. Retrieved 2017-12-13.
  5. ↑ Barnes, Peter. "Alexandria Real Estate Equities: Overview of a Tech-Focused REIT". Market Realist. Retrieved 2017-12-10.
  6. ↑ Inc., Alexandria Real Estate Equities,. "Alexandria Real Estate Equities, Inc. to Join S&P 500 Index". www.prnewswire.com. Retrieved 2017-12-10.
  7. 1 2 Ross, Carey. "A real estate empire grows in Kendall Square - The Boston Globe". BostonGlobe.com. Retrieved 2017-12-18.
  8. ↑ "Take a look inside the stunning offices where companies are reinventing NYC's biotech scene". Business Insider. Retrieved 2017-12-18.
  9. ↑ "MaRS selects Alexandria Real Estate Equities to expand the MaRS Centre in the Discovery District of Toronto - MaRS". MaRS. Retrieved 2017-12-18.
  10. ↑ "Outgoing CEO Ilse Treurnicht On "Battling the Beast" of MaRS' West Tower and What Comes Next - StartUp HERE Toronto". StartUp HERE Toronto. 2017-02-10. Retrieved 2017-12-18.
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