LaunchLabs at Stanford Research Park to Open by Mid-2021

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STANFORD, CA—Alexandria Real Estate Equities Inc. acquired 3160 Porter Dr., a 92,000 rentable square feet redevelopment project in Stanford Research Park, for $26 million. Alexandria was selected by Stanford University to transform 3160 Porter Dr. into an innovation center to foster the growth of early- and growth-stage life science companies, and enable the discovery and development of new treatments and cures that will positively impact human health.

To enhance the long-term vision of placing a bioscience community near its campus, Stanford University is working to shape part of Stanford Research Park into a life science district focused on fast-growing sectors such as bioengineering, gene therapies, diagnostics, medical technology and devices, surgical robotics, and digital health. 3160 Porter Dr. is a key component of this effort, according to Stanford News. The building will serve as the flagship anchor of an emerging life science district focused on bioengineering, gene therapies, diagnostics, medical technologies and devices, surgical robotics and digital health. This anchor position is located within the greater Stanford innovation cluster and in close proximity to the Stanford University campus, renowned hospitals and a diverse mix of innovative companies.

When the office building was recently vacated, Stanford saw an opportunity to create a flexible space that would enhance the connections between the existing life science ecosystem of medical facilities, researchers and companies in the surrounding area, while also encouraging progress toward an even more diverse life science community. The university held a competition for firms that specialize in this work and chose Alexandria, an experienced developer and operator of successful life science communities near academic campuses, GlobeSt.com learns.

Alexandria is an urban office REIT and the first and longest-tenured owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations. The developer has been instrumental in shaping the greater Stanford innovation cluster at the intersection of life science and technology since the late ‘90s, when it acquired its first property in Stanford Research Park, and remains positioned to create a life science destination that further accelerates the growth of the next generation of companies and supports efforts to develop new medicines.

“We have been at the forefront of developing the expansive life science ecosystem in the San Francisco Bay Area, beginning with the acquisition of key assets in 1996, when we were a private company and followed by our entrance into the greater Stanford region a few years later with the acquisition of our first property in Stanford Research Park,” said Stephen A. Richardson, co-chief executive officer of Alexandria Real Estate Equities Inc. “For more than two decades, Alexandria has been helping to grow the greater Stanford innovation cluster by bringing together scientific innovation across a deep concentration of pioneering companies, world-renowned academic and medical research institutions, unmatched intellectual talent and ample venture capital. We are proud of our proven track record in transforming markets with great scientific research into thriving life science clusters, and we are honored to continue our long-term strategic relationship with Stanford to create a world-class, thoughtfully programmed life science destination to invigorate Stanford Research Park and build upon Stanford’s rich history at the leading edge of scientific advances that improve patient lives.”

Today, Alexandria’s operating asset base within the greater Stanford innovation cluster consists of 1.1 million rentable square feet, including 300,000 rentable square feet of fully leased office/laboratory space in Stanford Research Park, and supports an array of life science and technology tenants including Jazz Pharmaceuticals plc, Verb Surgical Inc., Alphabet Inc., Facebook Inc. and Stanford University School of Medicine. With an additional 1.6 million rentable square feet of development projects targeted for delivery through 2022, Alexandria is well positioned to provide innovative entities with expansion opportunities proximate to public transportation networks coupled with highly curated amenities.

3160 Porter Dr., envisioned as a collaborative ecosystem to catalyze life science startups spinning out of Stanford, will be home to Alexandria LaunchLabs at Stanford Research Park. The full-service platform will provide member companies with highly flexible, move-in-ready office/laboratory space, mentorship and access to strategic investment capital through the Alexandria Seed Capital Platform, the company’s seed-stage funding model. Members will have access to Stanford Research Park through the university’s comprehensive transportation programs. Alexandria LaunchLabs at Stanford Research Park is expected to open in the first half of 2021.

“Due to the early stage of the project, Alexandria is unable to disclose (cost) estimates at this time,” GlobeSt.com learns from an Alexandria rep. “However, the final product will be a highly curated environment designed for innovation and collaboration.”