Alexandria RE Equities Launches ‘GradLabs’ Product in San Diego
The first “Alexandria GradLabs” property will be located in San Diego at 9880 Campus Point Drive. The 98,000-square-foot project is scheduled to be delivered by 2020 and will be built at the Pasadena, CA-based firm’s flagship San Diego property—Campus Pointe by Alexandria.
SAN DIEGO—Office REIT Alexandria Real Estate Equities reports it has launched a new product geared to providing post-seed-stage life science companies with turnkey, fully furnished office/laboratory suites.
The first “Alexandria GradLabs” property will be located in San Diego at 9880 Campus Point Drive. The 98,000-square-foot project is scheduled to be delivered by 2020 and will be built at the Pasadena, CA-based firm’s flagship San Diego property—Campus Pointe by Alexandria.
Campus Pointe by Alexandria, located in the University Town Center submarket, is anchored by Eli Lilly and Company, Celgene Corp. and UC San Diego. The campus also has future development and redevelopment opportunities aggregating 697,000 rentable square feet that would thus create a 1.6 million-square-foot campus.
Alexandria GradLabs will feature a modern design; a communal gathering and event space and on-site shared laboratory equipment. These features will be complemented by Campus Pointe by Alexandria’s existing amenities, including Green Acre, Brian Malarkey’s farm-to-table eatery; a conference center; a fully equipped fitness center, accompanied by a regulation-size soccer field and outdoor walking trails and an organic farm. The new building, which is targeting a minimum of LEED Gold certification, will employ many sustainable design principles, Alexandria Real Estate Equities states in the press announcement of the Alexandria GradLabs launch.
Dan Ryan, co-chief investment officer and San Diego regional market director, says he sees significant need for laboratory and office space from fledgling life science companies that have outgrown or will soon outgrow incubator space in its cluster.
“Our intention with Alexandria GradLabs is to provide immediately occupiable, efficient and highly flexible life science workspaces, complete with the outstanding amenities and laboratory resources more commonly enjoyed by large biotechnology and pharmaceutical companies, to further nurture the growth of San Diego’s next leading innovators and accelerate the pace of innovation that is critical for translating discoveries into products to help patients,” Ryan says.
As of Dec. 31, 2018, Alexandria’s San Diego operating asset base consisted of approximately 5 million rentable square feet. The firm reports it has an additional 1.1 million rentable square feet under construction and pre-construction targeted for delivery through 2022.