Alexandria Real Estate Equities, Inc. Deepens and Expands Strategic Relationship With Moderna for New 462,000 RSF HQ and R&D Facility at 325 Binney Street
Designed to Be the Most Sustainable Laboratory Building in Cambridge
High-performance development is targeting LEED Zero Energy certification and showcases Alexandria's climate-resilient design solutions as well as its mission-critical efforts to catalyze positive change to benefit human health and society
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT and the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, agtech and technology campuses in AAA innovation cluster locations, today announced that Moderna has selected Alexandria to develop, operate and construct its new corporate headquarters and core R&D facility, the most leading-edge 462,000 RSF property at 325 Binney Street on the Alexandria Center® at One Kendall Square mega campus. Designed to be the most sustainable laboratory building in Cambridge, this high-performance development is expected to eliminate most of the fossil fuel consumption for building heating and enable the building to operate as a net-zero energy commercial laboratory facility. The building, which is targeting LEED Platinum Core & Shell, LEED Zero Energy and Fitwel certifications, will rely on ultra-efficient mechanical and envelope systems, geothermal energy as its primary heating source and on- and off-site renewable energy. 325 Binney Street's resilient design proactively addresses climate risk through the incorporation of several innovative resiliency measures to mitigate the potential risks associated with flood precipitation. "Since 1997, Alexandria has been at the vanguard of Greater Boston's life science ecosystem. We are very proud to be the pioneer of mission-critical life science real estate and the leading provider of this essential infrastructure in Greater Boston—the top life science cluster in the world—where we have strategically expanded our total asset base to approximately 15 million square feet, uniquely positioning ourselves to meet both the immediate space needs and provide a path to future growth for some of most innovative companies in the world—such as Moderna," said Joel S. Marcus, executive chairman and founder of Alexandria Real Estate Equities, Inc. and Alexandria Venture Investments. "Moderna is a tremendous example of a highly disruptive, visionary company that has grown with Alexandria. Shortly after Moderna was founded in 2010, we identified the team and the transformative potential of its pioneering mRNA platform, and we have both invested in and provided the company with mission-critical real estate over the past 10 years. Today, as the world has recognized the value of Moderna's novel science to address current and future healthcare challenges, we are honored to partner and support their unique needs as they scale to achieve their mission to create a new generation of transformative medicines for patients." With unprecedented carbon emission reductions and health-promoting attributes, Moderna's new headquarters will support the company's growth as it continues to advance its pipeline of mRNA medicines that leverage its paradigm-shifting mRNA technology, the platform behind its COVID-19 vaccine, which received an emergency use authorization from the FDA. According to the U.S. Centers for Disease Control and Prevention, approximately 151 million doses of Moderna's COVID-19 vaccine have been administered in the United States. The highly sustainable building will integrate leading-edge laboratory and high-end office space with engaging gathering spaces, walking paths and open outdoor areas to foster collaboration and life-changing innovation and enable Moderna to attract and retain the best talent. Construction at the site is underway, and the project is expected to deliver in 2023, when Moderna anticipates beginning a phased move-in process. Additionally, the ideal location at 325 Binney Street enables Moderna to expand in proximity to its manufacturing center in Norwood, Massachusetts, which is also owned and operated by Alexandria.
Learn more about 325 Binney Street's pioneering and climate-resilient design as well as the Alexandria's social impact leadership in the company's 2020 ESG Report, which is available on the Corporate Responsibility page of the company's website.
About Alexandria Real Estate Equities, Inc. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® urban office REIT, is the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, agtech and technology campuses in AAA innovation cluster locations, with a total market capitalization of $36.3 billion as of June 30, 2021, and an asset base in North America of 58.1 million SF. The asset base in North America includes 36.7 million RSF of operating properties and 3.4 million RSF of Class A properties undergoing construction, 7.7 million RSF of near-term and intermediate-term development and redevelopment projects and 10.3 million SF of future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and Research Triangle. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science, agtech and technology campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity and success. Alexandria also provides strategic capital to transformative life science, agtech and technology companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns and greater long-term asset value.
For additional information on Alexandria, please visit www.are.com.