Alexandria Real Estate Equities, Inc. Announces New Joint Venture Partnership
Alexandria Real Estate Equities, Inc. (NYSE: ARE), through its affiliates, announced today a series of significant transactions resulting in the imminent development of the Longwood Center, an iconic and highly unique collaborative life science hub in the heart of Boston's Longwood Medical Area, one of the world's densest concentrations of academic, medical, and clinical care institutions. The announcement highlights Alexandria's financing of the project through the use of top-tier joint venture partners, National Development, Charles River Realty Investors and Clarion Partners, LLC.
In addition, the partners announced the closing of non-recourse construction financing for approximately 60% of total project costs. Alexandria also announced the signing of a long-term lease for approximately 154,000 square feet with Dana-Farber Cancer Institute, the top-ranked cancer center in New England and one of the largest research grant recipients among independent hospitals in the United States.
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