Alexandria Real Estate Equities, Inc. Announces Accelerated Delivery of Moderna's New 462,100 RSF HQ and R&D Center, Designed to Be the Most Sustainable Laboratory Building in Cambridge, at 325 Binney Street on the One Kendall Square Mega Campus

Alexandria Real Estate Equities, Inc. (NYSE: ARE), the first, preeminent, longest-tenured and pioneering owner, operator and developer of collaborative life science, agtech and advanced technology mega campuses in AAA innovation cluster locations, today announced that it has accelerated delivery of 325 Binney Street to Moderna, with which it has had a longstanding strategic relationship for over a decade. The 462,100 RSF Class A+ property currently under construction is now set to deliver in November 2023. Ideally located on the Alexandria Center® at One Kendall Square mega campus in Cambridge, the state-of-the-art facility was selected by Moderna for its new global headquarters and core R&D operations and will support Moderna's growth as it makes progress on a pipeline of mRNA medicines that leverage its paradigm-shifting mRNA technology to address a wide range of diseases, including COVID-19. This mission-critical development project, which is also expected to be delivered under budget, will significantly contribute to Alexandria's incremental annual net operating income (NOI) commencing in 4Q23. As of June 30, 2023, the company's highly leased value-creation pipeline is expected to drive future annual incremental NOI aggregating $605 million through 2Q26.

"We value our longtime strategic relationship with Alexandria, and it has been a privilege to work with their team to develop our new HQ and science center, designed to be the most sustainable laboratory building in Cambridge," said Jamey Mock, chief financial officer of Moderna. "As we continue to innovate and grow our world-class mRNA platform, our future home will enable us to keep delivering on the promise of mRNA science and retain and recruit the best talent from the Massachusetts life science sector while also minimizing our environmental footprint."

325 Binney Street, which is targeting LEED Zero Energy, LEED Platinum Core & Shell, Fitwel Life Science and WiredScore Platinum certifications, integrates leading-edge laboratory and non-scientific space with engaging gathering spaces to foster collaboration and disruptive innovation. The ultra-efficient building is targeting a 92% reduction in fossil fuel use through the implementation of a geothermal system and 100% renewable electricity to result in an estimated 97% emissions reduction. Alexandria also incorporated numerous wellness features in the project, including walking paths and open outdoor areas, to promote physical and mental well-being.

Additionally, Alexandria received the Cambridge Chamber of Commerce's 2023 Visionary Award for developing this highly sustainable and inspiring facility for Moderna. The chamber's annual awards recognize innovators from the business, institutional and non-profit communities that are effecting change and making an extraordinary positive impact on people's lives in Cambridge and beyond.

"Moderna is an exceptional example of a transformative company that has grown with Alexandria over many years, and we are immensely proud to have been able to accelerate delivery of their mission-critical infrastructure at 325 Binney Street," said Hunter L. Kass, co-president and regional market director – Greater Boston of Alexandria Real Estate Equities, Inc. "We are also honored to receive a Visionary Award from the Cambridge Chamber of Commerce for developing a dynamic workspace that will support Moderna's tireless efforts in the continued fight against COVID-19, as well as their mission to deliver the greatest possible impact to people through mRNA medicines."

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