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
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.