January 30, 2020
Class A office-titan Boston Properties, Inc. (NYSE: BXP) is moving forward on a joint venture with Alexandria Real Estate Equities, Inc. (NYSE:ARE) to own and operate approximately 1.1 million square feet of existing life science office and lab properties in South San Francisco, CA. The JV will also focus on expanding the campus with more than 600,000 square feet of future development.
Under the agreement, Boston contributed three existing office buildings (601, 611 and 651 Gateway Blvd.) totaling approximately 768,000 square feet, and Alexandria contributed approximately 313,000 square feet of existing properties including lab, office and amenity buildings. Both groups also contributed developable land.
According to Boston Properties CEO Owen Thomas, “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 … drive the future of scientific discovery.”
Photo Credit: Boston Properties – Gateway Commons
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