75 | 125 Binney Update 03/04/24

Alexandria Real Estate Equities, Inc. Announces Significant Early Renewal and 10-Year Lease Extension With Longstanding Credit Tenant Takeda at the Alexandria Center at Kendall Square Mega Campus in Cambridge

Alexandria Real Estate Equities, Inc. has announced that an affiliate of Takeda Pharmaceutical Company Limited, a top 20 global biopharmaceutical company and longstanding credit tenant, has executed a 10-year lease extension through March 31, 2040 with strong rental rate increases for 222,925 RSF at 75/125 Binney Street on the Alexandria Center® at Kendall Square mega campus in the Cambridge submarket. Takeda's research and development site is a key component of its global R&D center in Greater Boston, which is focused on advancing highly innovative medicines across its four core therapeutic areas: oncology, rare diseases, neuroscience and gastroenterology. This significant early renewal demonstrates Takeda's long-term commitment to the Alexandria Center® at Kendall Square mega campus and importantly highlights the essential nature of Alexandria's Labspace® infrastructure, which the patient-focused, R&D-driven pharmaceutical company relies on to house and help safeguard its highly valuable, mission-critical scientific research and equipment.

Alexandria entered the Cambridge submarket in 1999 and strategically aggregated an irreplicable footprint that currently consists of over 5.4 million RSF in operation across three premier mega campuses — Alexandria Technology Square®, the Alexandria Center® at One Kendall Square and the Alexandria Center® at Kendall Square. These mega campuses are ideally located in the epicenter of Cambridge's Kendall Square, widely known as "the most innovative square mile on the planet," which boasts a dense concentration of cutting-edge and very diversified life science companies, leading universities and renowned research institutions, as well as the deepest life science talent pool in the nation. With 2.8 million RSF of operating properties and approximately 216,000 RSF in future development opportunities as of December 31, 2023, the Alexandria Center® at Kendall Square mega campus has been purposefully positioned to meet the immediate need for space and provide a path for future growth for some of the world's most innovative life science companies, such as Takeda.


Alexandria provides Takeda with essential, integrated laboratory and adjacent nontechnical infrastructure to enable the company's efforts to discover, develop and deliver life-changing therapies for patients worldwide and recruit and retain top life science talent. As part of the lease extension at the LEED Gold certified research facility, Alexandria and Takeda will collaborate to enhance the environmental performance and sustainability attributes of the building through a variety of strategic efforts, including promoting occupant health and wellness, prioritizing energy efficiency and reducing water usage.

Alexandria completed the development of 75/125 Binney Street in 2015 and successfully monetized the property in 2019 through a 60% partial interest sale to an institutional investor for $438 million, or $1,880 per RSF. The partial interest sale represented $202.2 million in excess of book value and a 4.3% cash capitalization rate, supporting the company's objective to provide long-term value for its stockholders.


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