Following Mission Bay Campus Success Alexandria Real Estate Acquires Prime Development Spot in SoMa
- Apr 23, 2014
Alexandria Real Estate Equities, a company that focuses on a dominant market presence in the state-of-the-art, highly collaborative urban science and technology campus, has added yet another property to its portfolio. The company recently acquired the property at 500 Townsend Street in San Francisco for a reported fee of around $50 million. The development site is set to provide the entity with an opportunity to further expand its current assets in the South of Market area.
The 500 Townsend Street development site in the SoMa tech district offers 1.23 acres of land in a prime location for Alexandria’s needs, and is zoned for approximately 300,000 square feet of space. The AAA location is a high-quality substantial development parcel that offers great proximity to public transportation. The site is also close to great access points such as Interstate 80, Interstate 280 and the US 101 Freeway. The developer focuses on providing space for tenants looking for a collaborative, 24/7, live-work environment.
One of the main reasons that prompted Alexandria to acquire the AAA development site was the possibility it offers in terms of expanding its Mission Bay campus. The company’s specialty is its focus on urban science and technology campuses such as its Alexandria Technology Square in Cambridge, Alexandria Center for Life Sciences in New York and the local Alexandria Center for Science and Technology at Mission Bay.
The success of Alexandria’s aforementioned tech campus, with a current occupancy rate of 99.8 percent, and a total of nearly one million square feet, and its recent sale of 1600 Owens Street to Kaiser Permanente at the end of last year is underlining its success in the city. The new development would further expand its assets now that the monetization of the Mission Bay campus is complete, according to a press release.
Image courtesy of are.com