The 88 Bluxome development, anchored by a 490,000 RSF lease with Pinterest, Inc., is the first project in Central SoMa to receive full approval from the San Francisco Planning Commission
PASADENA, Calif., July 26, 2019 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (ARE), 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, and TMG Partners, one of the San Francisco Bay Area's largest mixed-use property developers, today received full project approval from the San Francisco Planning Commission on their proposed 1.07 million RSF mixed-use development project at 88 Bluxome Street in Central SoMa. The future development project is the first within the Central SoMa Plan to be fully approved and receive its full Prop M allocation. Anchored by Pinterest, Inc. and the Bay Club, 88 Bluxome Street is nearly 60% pre-leased, and Alexandria is experiencing strong demand for the high-tech office and laboratory project. Construction is expected to commence in 2020 and initial delivery is expected in 2022.
"88 Bluxome will bring an exceptional mix of much-needed community benefits and retail amenities to SoMa while it provides a dynamic campus environment to spur innovation," said Terezia Nemeth, senior vice president of real estate development and community relations at Alexandria Real Estate Equities, Inc. "We have worked closely with the City of San Francisco and our community partners to effect a new model for urban development, one that supports the world's leading innovators, embraces excellence in sustainability and takes a holistic approach to engaging and activating the community. Alexandria is committed to making a meaningful and lasting impact in all of the communities where we develop and operate, and beyond."
The transformative 88 Bluxome campus will feature an iconic, cutting-edge technology and life science facility with active ground-floor retail space and ample outdoor deck space on multiple levels of the building. The campus will also feature an array of thoughtfully curated community benefits, including a public recreation center with two new swimming pools and a public activity space to expand the offerings of the neighborhood's existing Gene Friend Recreation Center; a child care center; an air rights parcel deeded to the City for its development of approximately 100 units of 100% affordable housing; a pedestrian art walk with commissioned pieces from internationally renowned and local artists; production, distribution and repair (PDR) space for small businesses; and a vibrant linear public park along the newly improved Bluxome Street.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (ARE), an S&P 500® urban office REIT, is the first and longest-tenured owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $21.8 billion and an asset base in North America of 33.7 million SF as of March 31, 2019. The asset base in North America includes 23.2 million RSF of operating properties and 4.4 million RSF of new Class A properties currently undergoing construction or pre-construction, consisting of 2.1 million RSF of development and redevelopment projects under construction, and 2.3 million RSF undergoing pre-construction activities. Additionally, the asset base in North America includes 6.1 million SF of intermediate-term and future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science and technology campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity and success. Alexandria also provides strategic capital to transformative life science and technology companies through our venture capital arm. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns and greater long-term asset value. For more information, please visit www.are.com.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 30 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Mountain View, Novato, San Bruno, San Jose, and San Francisco. One of the most active developers in this area, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit www.TMGPartners.com.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding the future development and impact of Alexandria's 88 Bluxome Street project. These forward-looking statements are based on Alexandria's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by Alexandria's forward-looking statements as a result of a variety of factors. All forward-looking statements are made as of the date of this press release, and Alexandria assumes no obligation to update this information. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in the Company's forward-looking statements, and risks and uncertainties to the Company's business in general, please refer to the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.
CONTACT: Sara Kabakoff, AVP – Corporate Communications, Alexandria Real Estate Equities, Inc., (626) 788‑5578
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