Alexandria Announces Long-Term Lease at San Carlos Mega Campus

Core Insights - Alexandria Real Estate Equities, Inc. (ARE) has secured a 10-year lease with Vaxcyte, Inc. for 258,581 rentable square feet at the Alexandria Center for Life Science – San Carlos, enhancing its position in the life sciences sector [1][2] Group 1: Lease and Occupancy - The lease with Vaxcyte includes both new space and an extension of existing space, reinforcing Alexandria's status as a key player in life science innovations [1][2] - The San Carlos mega campus is now 97.4% occupied, with 739,157 rentable square feet in operation, indicating strong demand for life science facilities [4] - Alexandria's overall operational properties in North America have a high occupancy rate of 94.7%, reflecting effective management and tenant retention strategies [7] Group 2: Development and Amenities - The San Carlos mega campus offers a range of amenities designed to attract and retain top talent, including meeting areas, a courtyard, dining options, and a wellness center [3] - There are approximately 1.4 million rentable square feet of future development opportunities available, appealing to life science and technology companies [4] Group 3: Financial Performance - Alexandria's total leasing activity reached 1.5 million rentable square feet in Q3 2024, a 48% increase from the previous four-quarter average of 1.0 million rentable square feet, indicating robust demand for high-quality office and laboratory space [6] - Mega campuses contribute to 76% of Alexandria's annual rental revenues, with investment-grade or publicly traded large-cap tenants accounting for 53% of these revenues [6]