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15 Necco Update 02/22/22
Lab::Life science Leasing

300,000+ SF Lease Signed at 15 Necco in the Seaport

Alexandria Real Estate Equities, Inc., an urban office REIT, today announced that global healthcare leader Eli Lilly and Company has signed a 334,000 RSF long-term lease for the development of Lilly's new state-of-the-art Institute for Genetic Medicine at 15 Necco Street in the Seaport life science submarket of Greater Boston. For more than a decade, Alexandria has provided Lilly with long-term real estate solutions that currently aggregate over 600,000 RSF on campuses across the San Diego, San Francisco Bay Area and New York City cluster locations.

Alexandria has been at the vanguard and heart of developing and growing Greater Boston's life science ecosystem since 1997 through its curation of essential infrastructure, capital and thought leadership. With Alexandria's approximately 18 million square foot strategic asset base in Greater Boston and its proven ecosystem-building expertise, the company is uniquely positioned to continue to meet robust immediate demand for its assets from the most innovative and impactful life science companies in the world while providing an important path to accommodate future growth.

"We are immensely proud that our best-in-class development team continues to design and deliver high-quality purpose-built laboratory spaces that support our tenants' relentless efforts to meet very large unmet medical needs and improve quality of life for patients around the world," said Peter M. Moglia, co-chief executive officer and co-chief investment officer of Alexandria Real Estate Equities, Inc. "15 Necco, designed to be a unique and inspiring facility, represents a critical piece of our remarkable value-creation pipeline, and we are thrilled to bring an anchor tenant to this unparalleled location in the Seaport, where we are pioneering a new life science submarket."

15 Necco, developed in partnership with National Development, is a highly sustainable amenity-rich office/laboratory development that offers a stunning waterfront presence and views of Boston, and will be an iconic addition to the city's skyline. The facility's distinctive design is employee centric, prioritizing employee health and well-being and seamlessly blending indoor and outdoor spaces for occupants to take advantage of its waterfront location. Additional features include a dynamic rooftop deck and outdoor green terraces with flexible work areas. 15 Necco provides critical adjacency to Cambridge's Kendall Square and convenient access to major transportation hubs. The building's development will also significantly enhance the surrounding Fort Point neighborhood with enriched open space along Boston's Harborwalk as well as public space on the building's ground floor, which will include a community touchdown space, retail destinations, healthy eateries and a public work lounge connecting pedestrians and visitors to an expansive waterfront experience of public art, walking paths, a public dock and programmed outdoor spaces adjacent to a planned waterfront park.

Designed to achieve high levels of energy efficiency, the transformative development will rely on a high-performance building envelope, efficient mechanical systems, on-site renewable geothermal energy and a solar array installation. 15 Necco's resilient design proactively addresses climate risk by elevating the building structure and raising site grades and landscape features above future flood levels to reduce floodwater pathways and protect the building from flood precipitation. The building, which is targeting LEED Gold Core & Shell, Fitwel, WELL and WiredScore Platinum certifications, commenced construction in 2021 and is expected to deliver in late 2023. Lilly has also leased 36,000 RSF at 215 First Street, owned and operated by Alexandria, to support the scale-up of its new Institute for Genetic Medicine ahead of anticipated occupancy at 15 Necco in 2024.

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