{"id":1004708584,"date":"2024-04-02T03:24:28","date_gmt":"2024-04-02T11:24:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004708584"},"modified":"2024-04-02T05:15:36","modified_gmt":"2024-04-02T13:15:36","slug":"alexandria-secures-early-lease-renewal-at-bay-area-bio-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/alexandria-secures-early-lease-renewal-at-bay-area-bio-campus\/","title":{"rendered":"Alexandria Secures Early Lease Renewal at Bay Area Bio Campus"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d891013380&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"802\" height=\"600\" data-attachment-id=\"1004708636\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/alexandria-secures-early-lease-renewal-at-bay-area-bio-campus\/279_east_grand_avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/279_East_Grand_Avenue.jpg\" data-orig-size=\"802,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"279_East_Grand_Avenue\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;279 E. Grand Ave. on the Alexandria Center\u00ae for Advanced Technologies \u2013 South San Francisco mega campus. Image courtesy of Alexandria Real Estate Equities Inc.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/279_East_Grand_Avenue.jpg?w=802\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/279_East_Grand_Avenue.jpg\" alt=\"\" class=\"wp-image-1004708636\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/279_East_Grand_Avenue.jpg 802w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/279_East_Grand_Avenue.jpg?resize=300,224 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/279_East_Grand_Avenue.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 802px) 100vw, 802px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">279 E. Grand Ave. on the Alexandria Center\u00ae for Advanced Technologies \u2013 South San Francisco mega campus. <em>Image courtesy of Alexandria Real Estate Equities Inc.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Alexandria Real Estate Equities Inc. has executed an early lease renewal and six-year extension with insitro, a machine learning\u2013powered drug discovery and development company, for 143,188 rentable square feet in the Alexandria Center for Advanced Technologies \u2013 South San Francisco campus.<\/p>\n\n\n\n<p>The six-year extension now carries the lease through August 2034. The initial lease by insitro at this location, 279 E. Grand Ave., was in 2018 for nearly 36,000 rentable square feet of lab space. The South San Francisco campus remains insitro&#8217;s headquarters and R&amp;D site.<\/p>\n\n\n\n<p>The lease extension, Alexandria stated, \u201chighlights the need for laboratory space to generate the large datasets that power AI capabilities in the discovery and development of new medicines.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/attracting-life-science-tenants-in-core-markets\/\">Attracting Life Science Tenants in Core Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The campus features a conference center, caf\u00e9 and lounge, walking paths and access to adjacent transportation hubs.<\/p>\n\n\n\n<p>The two companies have been closely connected from the beginning, according to <a href=\"https:\/\/www.genengnews.com\/topics\/artificial-intelligence\/lab-space-giant-alexandria-real-estate-navigates-ais-impact-on-biopharma\/\" target=\"_blank\" rel=\"noreferrer noopener\">a recent article<\/a> in Genetic Engineering &amp; Biotechnology News, with Alexandria investing in insitro\u2019s Series A financing in 2018 and also in later financings.<\/p>\n\n\n\n<p>Joel Marcus, executive chairman &amp; founder of Alexandria Real Estate Equities, told the publication that insitro is building a mini\u2013data center of roughly 10,000 to 15,000 square feet to facilitate the use of AI for discovery of new molecules. It\u2019s a model, Marcus said, that\u2019s likely to be adopted by other life science companies that use AI in drug development.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rising-vacancy\">Rising vacancy<\/h2>\n\n\n\n<p>Alexandria has been living up to its powerhouse reputation in recent months. The developer:<\/p>\n\n\n\n<p>\u2022&nbsp; <a href=\"https:\/\/www.commercialsearch.com\/news\/alexandria-lands-223-ksf-life-science-lease-extension\/\">Landed a lease extension<\/a> last month from an affiliate of Takeda Pharmaceutical Co. for a 223,000-square-foot space at the Alexandria Center at Kendall Square campus in Cambridge, Mass.<\/p>\n\n\n\n<p>\u2022&nbsp; Last December, <a href=\"https:\/\/www.commercialsearch.com\/news\/alexandria-inks-full-building-lease-at-boston-area-campus\/\">signed a long-term lease<\/a> with Novo Nordisk for all of a 165,940-rentable-square-foot building at 60 Sylvan Road on its Alexandria Center for Life Science \u2013 Waltham campus in metro Boston. The building is currently under redevelopment and expected to deliver in 2025.<\/p>\n\n\n\n<p>\u2022&nbsp; Also in December, <a href=\"https:\/\/www.commercialsearch.com\/news\/alexandria-leases-100-ksf-at-bay-area-life-science-campus\/\">executed a long-term lease<\/a> with CARGO Therapeutics for 99,557 square feet of space in the Alexandria Center for Life Science \u2013 San Carlos campus, in San Carlos, Calif. CARGO is a clinical-stage biotech company that focuses on developing next-generation cell therapies for cancer patients.<\/p>\n\n\n\n<p>The Bay Area\u2019s life science space market has been loosening, with an overall vacancy of 16.1 percent, after a lengthy period of conditions favorable to landlords, according to a February report from Cushman &amp; Wakefield. That balance seems unlikely to swing back, because about 6.2 million square feet are under construction and more than a further 16 million are in planning, most of both primarily speculative, as against a current inventory of 46.4 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A drug development company has re-upped for more than 140,000 square feet.<\/p>\n","protected":false},"author":882,"featured_media":1004708636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,21742,21747,1609,15],"tags":[32827,32799],"class_list":["post-1004708584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-latest","category-office","category-san-francisco","category-west","tag-alexandria-real-estate-equities-inc","tag-cushman-wakefield"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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