Boston Properties, Inc. and Alexandria Real Estate Equities, Inc. have formed a joint venture to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco, California.
”The joint venture will also have an opportunity to expand the campus through approximately 640,000 square feet of future development,” said in a statement.
Upon completion of the master development plan, the joint venture expects to own a 1.7 million square foot life science campus, including a mix of office and lab buildings.
Boston Properties and Alexandria will each have an approximately 50% ownership in the joint venture once complete.
Under the agreement, Boston Properties contributed 601, 611 and 651 Gateway Boulevard, three existing office properties that total approximately 768,000 square feet, and developable land. Alexandria contributed approximately 313,000 square feet of existing properties including lab, office and amenity buildings, and developable land.
“We are delighted to form a strategic relationship with Alexandria. South San Francisco is one of the largest life sciences and biotechnology centers in the world and we are excited to jointly own and develop a state-of-the-art campus in one of the Bay Area’s best locations,” said Owen Thomas, CEO of Boston Properties.
“Together, we will transform our combined Gateway Boulevard properties into a thriving, world-class campus that will meet growing demand from life sciences organizations that seek the ideal combination of amenities and location to attract talent and drive the future of scientific discovery.”