Boston Properties and Alexandria Real Estate form life science JV
Boston Properties has formed a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco, Calif.
The joint venture will also have an opportunity to expand the campus through approximately 640,000 square feet of future development. 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 percent 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.