Alexandria Real Estate Equities, Inc. Closes Strategic Partial Interest Transaction for 15 Necco Street in the Seaport

Alexandria Real Estate Equities, Inc., the first, preeminent, longest-tenured and pioneering owner, operator and developer of collaborative life science, agtech and advanced technology campuses in AAA innovation cluster locations with an asset base in North America of nearly 75 million SF, today announced that it has transferred, through an affiliate, a partial interest in 15 Necco Street in the Seaport Innovation District submarket of Greater Boston to a U.S. affiliate of Mori Trust Co., Ltd. Proceeds from this transaction will be used to fund the development of 15 Necco Street, a PRO RSF Class A property currently under construction and expected to deliver in late 2023. The state-of-the-art facility was selected by longtime Alexandria tenant Eli Lilly and Company as the home of the Lilly Institute for Genetic Medicine, which will leverage promising RNA- and DNA-based technologies to develop therapies with the potential to treat or prevent diseases in a manner that is challenging or not possible with traditional medicines.

"Our dominant one-of-a-kind platform, in combination with a scarcity of high-quality life science real estate assets, continues to drive demand for investment opportunities arising from our value harvesting and capital recycling strategies," said Hunter L. Kass, executive vice president and regional market director of Greater Boston at Alexandria Real Estate Equities, Inc. "15 Necco — with its long-term lease to a strong credit tenant in Lilly, highly sustainable building design and creative amenities in an exceptional transit-friendly location — is an ideal example of the desirability and value of Alexandria's assets. We are excited to build a long-term relationship with Mori Trust."

Developed in partnership with National Development, 15 Necco Street is an amenity-rich building with a stunning waterfront presence, critical adjacency to Cambridge's Kendall Square, including convenient access to major transportation hubs, and a uniquely inspiring design and building-activation program to help Lilly attract and retain people from Greater Boston's deep life science talent pool. The building showcases Alexandria's proactive approach to mitigating greenhouse gas emissions by prioritizing energy efficiency, leveraging geothermal energy to reduce fossil fuel use and utilizing 100% renewable electricity generated on and off site. In addition to relying on alternative energy sources, the transformative facility will incorporate numerous wellness features that promote the overall physical and mental well-being of its occupants. 15 Necco Street is targeting LEED Gold Core & Shell, Fitwel Life Science and WiredScore Platinum certifications.

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