Local Real Estate Company Signs Major Bay Area Life Science Campus Lease With Vaxcyte

Pasadena-based Alexandria Real Estate (ARE) Equities said it has executed a major lease agreement for what it describes as its “highly differentiated mega campus” in San Carlos, which is strategically located between San Francisco and Silicon Valley,

The company announced a 10-year lease with Vaxcyte Inc., its anchor tenant since 2021, which it identified as a clinical-stage biopharmaceutical company working “to protect humankind from the consequences of bacterial diseases.”

The agreement covers 258,581 rentable square feet at the Alexandria Center for Life Science – San Carlos mega campus, including both new space and an extension of existing facilities.

The campus, offering convenient access to Highway 101 and walkability to Caltrain, boutique shops and restaurants, has established itself as “the flagship destination for life science innovation in the Mid-Peninsula region,” a statement by ARE Equities on Thursday said.

With 739,157 RSF (rentable square footage) currently in operation at 97.4% occupancy and 1.4 million RSF of future development opportunities, the facility provides scale and flexibility crucial to meeting evolving needs, the statement said.

In the statement, ARE Equities said it maintains its position as “the first, preeminent, longest-tenured and pioneering owner, operator and developer” of collaborative mega campuses in AAA life science innovation cluster locations.

The San Carlos facility offers best-in-class essential lab infrastructure along with cutting-edge conference spaces, an artisanal coffee bar, and wellness amenities designed to attract top talent.

Beyond real estate, Alexandria provides strategic capital through its venture capital platform, employing a unique business model ensuring higher occupancy levels and returns, the statement said.

As of September 2024, Alexandria reported a total market capitalization of $33.1 billion across its North American operations, which span major research hubs.