Alexandria Real Estate Signs Record Life Science Lease in San Diego

Pasadena-based Alexandria Real Estate Equities has signed its largest life science lease in company history with a multinational pharmaceutical tenant.

The 16-year agreement covers 466,598 square feet for a build-to-suit research hub at Alexandria’s Campus Point facility in San Diego. The deal represents a milestone for the real estate investment trust, which has operated for 31 years.

The tenant will occupy space at the Campus Point by Alexandria Megacampus in the University Town Center area. Alexandria did not identify the pharmaceutical company in its statement Monday.

“Campus Point is a crown jewel of Alexandria’s Megacampus platform, and we are honored that one of our long-standing, highly innovative tenants has selected it as the site for a new R&D hub,” said Daniel J. Ryan, Alexandria co-president and San Diego regional market director.

Ryan said the company’s brand is built on trust through collaboration, consistency and reliability. The campus serves a growing community of 3,000 professionals working to create medicines that improve human health.

Alexandria founded its life science real estate business in San Diego in 1994. The company acquired its first Campus Point property in 2010 and has been developing the site since then.

The Campus Point facility currently includes 1.3 million square feet in operation and is 98.8% occupied as of June 30, the statement said. The site has potential for approximately 1.3 million additional square feet of future development.

When fully developed, Campus Point could encompass approximately 2.6 million square feet. This would represent a 420% increase from the initial acquisition size.

The campus offers wellness facilities, event spaces and food services. Amenities include a conference center, wellness center, farm-to-table restaurant and convenience retail.

Future additions will include recreational fields, pickleball courts, green space, walking trails and an organic garden. The location provides access to Interstate 5 and 805 freeways and the UCSD Health La Jolla trolley stop.

The statement said construction will begin in 2026 with delivery expected in 2028. The project targets 100% electrification and LEED Gold Core & Shell and Fitwel certifications.

The laboratory facility will prioritize energy efficiency and water use reduction. Design features include natural light optimization and shared spaces to promote connectivity.

Alexandria Real Estate Equities, headquartered in Pasadena, is an S&P 500 company that operates as a life science REIT. The company owns and develops properties in major life science markets including Boston, San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City.

As of June 30, Alexandria has reported a total market capitalization of $25.7 billion. The company operates 39.7 million square feet of properties and has 4.4 million square feet under construction in North America.