Innovating on the vanguard and coronary heart of New York Metropolis’s life science ecosystem, Alexandria has been catalyzing and rising the cluster by way of the event and operation of the town’s first and solely industrial life science campus on the Alexandria Heart® for Life Science – New York Metropolis and leveraging of the corporate’s main enterprise funding platform and unparalleled ecosystem-building experience
NEW YORK, Sept. 12, 2022 /PRNewswire/ — Alexandria Actual Property Equities, Inc. ( NYSE: ARE), the primary, longest-tenured and pioneering proprietor, operator and developer uniquely targeted on collaborative life science, agtech and expertise campuses in AAA innovation cluster places, is proud to acknowledge and have fun a number of important milestones from its place of management in New York Metropolis’s industrial life science cluster. These milestones embrace (1) 20 years since Alexandria Enterprise Investments made its first NYC enterprise funding in Intra-Mobile Therapies’ Collection A financing in 2002; (2) 17 years since Alexandria was awarded the New York Metropolis Financial Growth Company’s (NYCEDC) request for proposal (RFP) in 2005 to develop and function what the corporate has reworked into the Alexandria Heart® for Life Science – New York Metropolis, the town’s first and solely industrial life science campus; (3) 12 years for the reason that Alexandria Heart formally opened to welcome its first tenants in 2010; and (4) 5 years because it unveiled the inaugural web site of Alexandria LaunchLabs®, the corporate’s world-class life science startup platform, on the Alexandria Heart in 2017, which was adopted by Columbia College’s election in 2019 to ascertain a second NYC-based Alexandria LaunchLabs web site on the college’s medical faculty campus.
“Throughout our time in Metropolis Corridor, we made increasing the industrial biosciences an essential component of our technique to diversify the town’s economic system. Alexandria noticed the identical large alternative to spend money on New York’s future — and efficiently grew an trade that continues to foster innovation and create good-paying jobs right here,” mentioned Michael R. Bloomberg, founding father of Bloomberg L.P. and Bloomberg Philanthropies, 108th mayor of New York Metropolis and chairman of the 9/11 Memorial & Museum. “Alexandria has additionally been a steadfast supporter of non-profits serving New York’s households and communities, and all of us with the 9/11 Memorial & Museum are grateful for its partnership.”
A number of months earlier than the horrific occasions of September 11, 2001, Alexandria’s govt chairman and founder Joel S. Marcus was invited by Sanford “Sandy” Weill, then head of Citigroup, to hitch a bioscience activity pressure that examined the important substances wanted to deliver industrial life science to New York Metropolis. Whereas serving as member of this essential initiative, Mr. Marcus additionally led Alexandria’s bid in a extremely aggressive NYCEDC RFP course of, and in 2005, Alexandria was chosen to develop the primary industrial life science campus within the coronary heart of Manhattan’s East Facet Medical Hall. Previous to the opening of the Alexandria Heart in 2010, solely a handful of life science corporations had been dispersed all through Manhattan. Alexandria’s confirmed cluster mannequin, knowledgeable by Harvard Enterprise Professor Michael E. Porter’s cluster principle, identifies the 4 crucial elements for a thriving life science cluster — location, innovation, expertise and capital — to catalyze and nurture a collaborative ecosystem in its areas, together with New York Metropolis. By bringing a world-class location and its excessive density of main educational medical analysis facilities and scientific experience along with scientific innovation, strategic danger capital and specialised expertise, the latter two of which Alexandria has been instrumental in bolstering, the corporate has been important to main the town’s transformation into the predominantly early-stage life science cluster it’s as we speak.
“Our collaboration with then-New York Metropolis Mayor Michael Bloomberg and his administration was crucial in advancing the imaginative and prescient for our NYC life science cluster, and we thank them for entrusting us with the creation and operation of a one-of-a-kind industrial life science campus that as we speak is dwelling to over 50 cutting-edge entities, most of that are among the many most promising high-growth startups and early-stage enterprise backed corporations within the metropolis,” mentioned Mr. Marcus. “With over 10,000 ailments identified to humankind and fewer than 10% addressable with present therapies, our NYC tenants play a key position in translating scientific discoveries into groundbreaking therapies and cures that may enhance, lengthen and save sufferers’ lives. As we speak, we’re inspired by the brand new management at NYCEDC and its recognition of the significance of advancing the Alexandria Heart’s third tower as market situations enable.”
Over the previous 20 years, Alexandria has invested roughly $1 billion to develop and develop a vibrant industrial life science cluster in NYC, which didn’t meaningfully exist within the metropolis previous to the opening of the Alexandria Heart. By Eli Lilly’s acquisition of ImClone Methods, which stays an essential tenant on the Alexandria Heart, the pharmaceutical pioneer grew to become the campus’s anchor tenant in 2010. Together with Pfizer, it stays one among two multinational pharmaceutical corporations with cutting-edge R&D in NYC. The evolution of the NYC cluster has been basically completely different from different notable established life science cluster markets like Better Boston and the San Francisco Bay Space. As this industrial life science cluster continues to develop, its momentum stays disproportionately pushed by homegrown startups and early-stage educational spinouts. Key components which are nonetheless required to boost the success of the NYC life science cluster embrace skilled administration, serial entrepreneurs and different specialised trade expertise, in addition to devoted early-stage enterprise creation efforts and direct money and/or funding incentives for startups to launch and develop in NYC. The area’s capacity to draw and retain the highest expertise and visionary educational management essential to develop the life science cluster is additional challenged by NYC and NY State’s excessive tax charges, important value of dwelling, and heightened public security and safety considerations.
“By our extremely disciplined and strategic efforts in New York Metropolis, we’ve methodically created a brand new industrial life science cluster from the bottom up. We are actually 12 years into a historically 25-year cluster-creation life cycle, and we mission that at 25 years this cluster will nonetheless look very completely different from all different main, established life science clusters,” mentioned John H. Cunningham, govt vp and regional market director of New York Metropolis for Alexandria Actual Property Equities, Inc. “Demand has elevated since we opened the Alexandria Heart, with nearly all of the cluster’s life science leasing coming from native, homegrown corporations and negligible curiosity from giant pharma or well-established corporations outdoors of NYC. Since 2021, simply over 350,000 RSF of economic life science leases have been signed throughout the cluster’s 2.5 million RSF of working industrial laboratory/workplace house. This leasing exercise, almost 90% of which has been to seed-, early- and growth-stage, venture-backed corporations, is considerably decrease in quantity and earlier in stage in comparison with extra mature, established clusters like Better Boston, the San Francisco Bay Space, San Diego, Analysis Triangle, Seattle and Maryland.”
To satisfy the distinctive wants of this nascent life science ecosystem, Alexandria has contributed to accelerating native early-stage corporations properly past offering them with the required curated laboratory/workplace infrastructure. Alexandria Enterprise Investments, the corporate’s strategic enterprise platform, has invested in lots of the metropolis’s most cutting-edge seed- and early-stage life science corporations, distinguishing itself as NYC’s #1 main supplier of early-stage life science enterprise capital. Included amongst its investments are the town’s highest-growth corporations, comparable to Kallyope, Lexeo Therapeutics and Stablix, in addition to these with probably the most notable liquidity occasions, comparable to Intra-Mobile Therapies, Petra Pharma and Prevail Therapeutics. Intra-Mobile stands as an amazing instance of a prolific homegrown NYC life science firm, having efficiently translated Nobel Prize-winning analysis from The Rockefeller College into profound remedies for sufferers around the globe. Alexandria Enterprise Investments participated in Intra-Mobile’s Collection A financing in 2002, after which Mr. Marcus joined the corporate’s board of administrators in 2006. The corporate, which relocated to the Alexandria Heart in 2014, acquired FDA approval for the remedy of bipolar melancholy and schizophrenia in adults. In shut partnership with NYC educational medical establishments and Alexandria’s intensive enterprise community, Alexandria Enterprise Investments, by way of its strong due diligence capabilities, has been instrumental in figuring out and investing in novel scientific discoveries, platforms and modalities, in addition to in attracting life science entrepreneurs and different trade expertise to hitch many of those corporations. Additional leveraging its Alexandria Seed Capital Platform, an progressive funding mannequin that brings collectively leaders from the life science group to bolster seed- and early-stage life science funding in NYC and throughout the nation, Alexandria has taken a multifaceted, hands-on strategy to nurturing and driving the ecosystem ahead.
“We deal with figuring out probably the most intriguing and probably significant translational science popping out of NYC’s world-renowned educational medical establishments and throughout the native ecosystem that can handle giant unmet medical wants comparable to most cancers, neurodegenerative and psychiatric issues, cardio-metabolic situations, in addition to heritable and different genetically outlined ailments,” mentioned Jenna Foger, senior vp of science and expertise at Alexandria Actual Property Equities, Inc./Alexandria Enterprise Investments. “After we made our first enterprise funding in NYC again in 2002, there was an entire absence of native life science enterprise capital and a shortage of seasoned administration expertise, which offered a major bottleneck to the vitality of any future cluster. Owing considerably to Alexandria’s visionary contribution of mission-critical actual property, strategic danger capital and a world-class community of trade leaders, enterprise companions and entrepreneurs, it is astounding to see how NYC’s distinctive, early-stage ecosystem has taken form over these previous 20 years.”
As a part of Alexandria’s holistic view of ecosystem growth and its dedication to creating a tangible optimistic impression on the communities the place it operates, the corporate companions with main native and nationwide non-profit organizations. In NYC, Alexandria has actively supported the 9/11 Memorial & Museum because it opened in 2014 by way of beneficiant contributions that fund important programming to teach future generations on the impression and legacy of 9/11. The corporate has additionally been a longstanding supporter of Robin Hood, the town’s largest poverty-fighting group targeted on offering meals, housing, schooling, authorized companies and workforce growth. For each these New York establishments, Mr. Marcus has served as a board member — on the Memorial & Museum’s board of trustees since 2018 and on Robin Hood’s board of administrators from 2016 to 2021. Moreover, as a founding donor to Pc Science for All (CS4ALL) since its launch in 2015, Alexandria has been integral to increasing alternatives for college kids to be taught pc science so that each one of New York Metropolis’s over 1 million public faculty college students, 71.9% of whom are thought-about low earnings, have entry to high-quality pc science coursework all through their Okay–12 schooling.
Alexandria acknowledged and embraced the long-term dedication essential to develop the NYC life science cluster, and the corporate’s main efforts to coalesce and convene native educational, entrepreneurial, enterprise and different life science stakeholders stay instrumental to its ongoing success. Alexandria’s unwavering dedication to nurture and develop this distinctive early-stage ecosystem has been a crucial cornerstone to the vitality and growing nationwide visibility of this essential life science ecosystem.
About Alexandria Actual Property Equities, Inc.
Alexandria Actual Property Equities, Inc. ( NYSE: ARE), an S&P 500® REIT, is the primary, longest-tenured and pioneering proprietor, operator and developer uniquely targeted on collaborative life science, agtech and expertise campuses in AAA innovation cluster places, with a complete market capitalization of $33.7 billion and an asset base in North America of 74.1 million sq. ft as of June 30, 2022. The asset base in North America contains 41.1 million RSF of working properties and 5.9 million RSF of Class A properties present process development, 9.9 million RSF of near-term and intermediate-term growth and redevelopment initiatives and 17.2 million SF of future growth initiatives. Based in 1994, Alexandria pioneered this area of interest and has since established a major market presence in key places, together with Better Boston, the San Francisco Bay Space, New York Metropolis, San Diego, Seattle, Maryland, and Analysis Triangle. Alexandria has a longstanding and confirmed monitor report of growing Class A properties clustered in city life science, agtech and expertise campuses that present our progressive tenants with extremely dynamic and collaborative environments that improve their capacity to efficiently recruit and retain world-class expertise and encourage productiveness, effectivity, creativity and success. Alexandria additionally offers strategic capital to transformative life science, agtech, and expertise corporations by way of our enterprise capital platform. We imagine our distinctive enterprise mannequin and diligent underwriting guarantee a high-quality and various tenant base that ends in larger occupancy ranges, longer lease phrases, larger rental earnings, larger returns and higher long-term asset worth. For extra info on Alexandria, please go to .
This press launch contains “forward-looking statements” throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended. Such forward-looking statements embrace, with out limitation, statements relating to the potential impacts of therapies and medicines developed by tenants working inside Alexandria’s NYC life science cluster on affected person outcomes; the potential for Alexandria’s funding in seed- and early-stage NYC-based life science corporations to catalyze growth throughout the area or to assist coalesce varied stakeholders; and the anticipated advantages of Alexandria’s partnership with main NYC non-profit organizations on native communities. These forward-looking statements are primarily based on Alexandria’s current intent, beliefs or expectations, however forward-looking statements aren’t assured to happen and will not happen. Precise outcomes might differ materially from these contained in or implied by Alexandria’s forward-looking statements on account of quite a lot of elements, together with, with out limitation, the dangers and uncertainties detailed in its filings with the Securities and Alternate Fee. All forward-looking statements are made as of the date of this press launch, and Alexandria assumes no obligation to replace this info. For extra dialogue regarding dangers and uncertainties that would trigger precise outcomes to vary materially from these anticipated in Alexandria’s forward-looking statements, and dangers and uncertainties to Alexandria’s enterprise typically, please check with Alexandria’s filings with the Securities and Alternate Fee, together with its most up-to-date annual report on Type 10-Okay and any subsequently filed quarterly stories on Type 10-Q.
CONTACT: Sara Kabakoff, Vice President – Communications, (626) 788-5578,
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