Welcome!

News Feed Item

Alexandria Real Estate Equities, Inc. and Uber Technologies, Inc. Enter Joint Venture Agreement to Acquire and Develop Key Parcels in Mission Bay

Uber Will Lease Entire 422,980 RSF Pursuant to 15-Year Lease as it Expands Corporate Headquarters in San Francisco

PASADENA, Calif., Sept. 4, 2014 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), an approximately $9.3 billion total market capitalization real estate investment trust uniquely focused on clustering Class A assets in urban science and technology campuses located in the heart of centers of innovation, today announced a strategic partnership with Uber Technologies, Inc., including the acquisition of two key parcels in the Mission Bay submarket of San Francisco, located at 1455 and 1515 Third Street, as well as approximately 425 existing parking spaces, plans, permits and piles, in the heart of this world-class science and technology cluster. These key parcels, which Alexandria had previously sold to salesforce.com in 2010, will support a total of approximately 422,980-rentable-square-feet (RSF) of new, ground-up, Class A facilities. Alexandria and Uber's strategic partnership will bring best-in-class partners together in a collaborative joint venture (owned 51% by Alexandria and 49% by Uber) to develop the approximately 422,980 RSF for Uber as it expands its corporate headquarters in San Francisco in conjunction with a 15-year lease for the entire project. This joint venture  affirms the cluster's position as a first-class destination at the cross-section of science and technology, as well as Alexandria's long-standing reputation as the leading provider of high-quality urban campuses for the world's most innovative companies.

The acquisition of the 1455 and 1515 Third Street parcels reinforces Alexandria's strong emphasis on capital allocation in the epicenter of the world's most desirable urban real estate markets. With ideal proximity to SoMa, Mission Bay is home to the renowned University of California, San Francisco (UCSF) campus, as well as Alexandria's thriving science and technology cluster of world-class companies at the forefront of innovation. Notably, the cluster was also recently selected to house the future Golden State Warriors stadium, which will feature a state-of-the-art, 18,000-seat sports and entertainment arena, as well as a 5 ½-acre waterfront park. This new spectacular cultural destination will debut in the 2018-2019 NBA season, further enhancing Mission Bay as a 24/7, live/work/play environment and an unparalleled destination to recruit and retain top talent. The 1455 and 1515 Third Street sites represent a meaningful and high-quality expansion of Alexandria's existing and fully leased one million RSF Mission Bay campus and will allow the company to continue enhancing its overall urban science and technology campus strategy in a AAA location.

"In 2005, when we commenced the commercial development of Mission Bay, UCSF's Genentech Hall was our only neighbor," said Joel S. Marcus, Chairman, Chief Executive Officer and Founder of Alexandria. "Since then, the cluster has experienced tremendous growth and has become a remarkable urban innovation center featuring significant and meaningful investments in UCSF hospitals and over 2.5 million RSF of research and related facilities, thousands of residential units, high-quality retail, and the new Warriors' stadium. With the announcement of our strategic partnership with Uber at our campus, Mission Bay will continue to be one of the dominant clusters worldwide and a model for all to follow."

"The initial vision for our Mission Bay campus was to integrate the world-class science of UCSF and the San Francisco Bay Area with the technological innovation of SoMa," said Steve Richardson, Chief Operating Officer and Regional Market Director-SF Bay Area at Alexandria. "Our original name for the campus was appropriately, the Alexandria Center for Science and Technology, and Uber's decision to expand its corporate headquarters at our campus will  further realize the integration of Mission Bay and SoMa."

This iconic campus environment, ideally situated within the highly innovative and urban Mission Bay ecosystem and adjacent to the Warrior's new stadium, provides a unique advantage for recruitment and retention of world-class talent. The parcels are fully entitled with Proposition M office allocation approvals. This fully entitled status has become a precious and valuable attribute in the City of San Francisco, and the parcels' value are further enhanced by completed permit sets ready for each facility. Alexandria's deep and broad entitlement, design, and development expertise and experience, as well as credible and respectful long-term relationships with key San Francisco governmental agencies, have enabled Alexandria to successfully develop its approximately one million RSF Mission Bay campus in the City of San Francisco that is now approximately 100% leased to high-quality client tenants. Since its founding in 1994, Alexandria has established a dominant market presence in the top urban innovation centers, including San Francisco, Greater Boston, New York City, Seattle, and San Diego. Alexandria is known for its high-quality and diverse client tenant base with approximately 52% of the company's total annualized base rent resulting from investment-grade client tenants (an industry-leading percentage). Alexandria has a proven track record of developing Class A, urban science and technology campuses in AAA locations offering highly creative amenities that drive client tenant productivity and foster innovation, providing access to sophisticated capital and talent, and gathering its longstanding and expansive network for collaborative conferences and events.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE:ARE) is the largest and leading REIT uniquely focused on collaborative science and technology campuses in urban innovation clusters, with a total market capitalization of approximately $9.3 billion as of June 30, 2014, and an asset base of 31.4 million RSF, including 17.9 million RSF of operating and current value-creation projects, as well as an additional 13.5 million RSF in future ground-up development projects. Alexandria pioneered this niche in 1994 and has since established a dominant market presence in AAA locations including Greater Boston, the San Francisco Bay Area, San Diego, New York City, Maryland, Seattle, and Research Triangle Park. Alexandria is known for its high-quality and diverse client tenant base, with approximately 52% of total ABR resulting from investment-grade client tenants (a REIT industry-leading percentage). Alexandria has a longstanding and proven track record of developing Class A assets clustered in urban science and technology campuses that provide its client tenants with highly collaborative, 24/7, live/work/play ecosystems, as well as the critical ability to successfully recruit and retain best-in-class talent and enhance productivity. We believe these advantages result in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For additional information on Alexandria, please visit www.are.com

SOURCE Alexandria Real Estate Equities, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...