Pfizer Selects Alexandria Real Estate Equities' Mission Bay Life Science Cluster...

Pfizer Selects Alexandria Real Estate Equities' Mission Bay Life Science
Cluster as the Home for Its Biotherapeutics and Bioinnovation Center
- Mayor Gavin Newsom Held Ground Breaking Press Conference Today at The
Alexandria Center for Science and Technology at Mission Bay, Recognized as a
World-Class Cluster Destination for Life Sciences -

PASADENA, Calif., Aug. 5 /PRNewswire/ -- Alexandria Real Estate Equities,
Inc. (NYSE: ARE), Landlord of Choice to the Life Science Industry(R), today
announced that Pfizer Inc. has entered into a long-term lease for
approximately 100,000 square feet, with an option for an additional 50,000
square feet, at 455 Mission Bay Boulevard South, San Francisco, California.
Known as the Alexandria Center for Science and Technology at Mission Bay,
Pfizer will join other prominent life science entities that comprise this
world-class life science cluster.
To mark this milestone in the continued development of Alexandria's
Mission Bay life science cluster, Mayor Gavin Newsom held a press conference
today at 455 Mission Bay Boulevard South, along with Corey Goodman, President
of Pfizer's Biotherapeutics and Bioinnovation Center, Joel S. Marcus, Chairman
and Chief Executive Officer of Alexandria Real Estate Equities, Inc., Stephen
Richardson, Alexandria's Senior Vice President -- San Francisco Bay Area
Regional Market Director, as well as many dignitaries.
Committed to establishing itself as a leader in biotherapeutics, Pfizer
intends to locate its Biotherapeutics and Bioinnovation Center in the newly
leased space upon completion of the state-of-the-art facility. Launched in
October 2007, Pfizer's Biotherapeutics and Bioinnovation Center is an
important entrepreneurial business unit reporting directly to the Chief
Executive Officer, charged with translating advances in biotherapeutics into
new medicines. The Center is focused on discovering new medicines, as well as
securing new technologies and research tools that can be used across all of
Pfizer's therapeutic areas. The Center works in a highly collaborative manner
both with Pfizer Global Research and Development, and with the academic,
biotechnology and venture communities, not only to focus on delivering new
compounds for Pfizer but also on incubating emerging companies with new
innovative technologies. The Center has already established collaborations
with researchers at Mission Bay, including its collaboration with the
University of California San Francisco (UCSF) and its worldwide collaborative
agreement with Five Prime Therapeutics, Inc.
"Pfizer's decision to locate their Biotherapeutics and Bioinnovation
Center in Mission Bay is a significant win for San Francisco and is a clear
indication that Mission Bay is one of the nation's premier life science
centers," said Mayor Newsom. "San Francisco offers companies like Pfizer a
world-class urban innovation district, anchored by the nation's pre-eminent
biomedical university, and unparalleled opportunities for collaboration and
access to the very best talent that the United States and the world have to
offer."
"We are very proud and honored with Pfizer's decision to locate one of its
newest and most promising engines of growth, the Biotherapeutics and
Bioinnovation Center, in our dynamic, diversified world-class life science
cluster at Mission Bay. The selection of Mission Bay is a testament to its
unique attributes as an immensely rich and fertile environment for leading-
edge scientific discovery, a highly sophisticated pool of management talent
and an extremely strong and smart capital base," said Joel S. Marcus.
"Alexandria's pioneering strategic approach is to create and foster the
dynamic growth of life science clusters that bring together, in a highly
collaborative fashion, prestigious academic institutions, established,
emerging and dynamic commercial entities, and support their ability to rapidly
translate critical health care discoveries which benefit humankind. Today, the
strategic imperative for creating value in the research and development realm
is clearly based on collaborations and partnerships, rather than isolated at
internally focused remote campuses. Mission Bay exemplifies these positive
attributes in an extraordinary fashion."
Alexandria's Center for Science and Technology at Mission Bay has quickly
established itself as one of the most important life science clusters
globally. Alexandria has been deeply involved in recruiting some of the most
important life science entities to Mission Bay. The breadth and depth of
entities range from pre-eminent pharmaceutical companies and first-in-class
emerging companies, to prestigious, top-tier life science venture capital
firms, to leading edge not-for-profit research institutes, including
impressive names such as Celgene Corporation, Merck & Co., Inc., Presidio
Pharmaceuticals, Inc., Five Prime Therapeutics, Inc., Ion Torrent Systems,
Inc. and the J. David Gladstone Institutes. These organizations complement the
substantial presence of UCSF and related institutes as described below.
At the heart of Mission Bay is UCSF, one of the nation's most prolific
generators of life science commercial enterprises based upon its intellectual
property and talent pool. At least 60 California biotechnology companies --
including two of the largest, Genentech, Inc. and Chiron Corporation (now a
subsidiary of Novartis AG) -- have been successfully launched by UCSF faculty,
alumni or by their scientific inventors. These 60 companies, together, employ
more than 13,000 people. In addition, scientists from these companies have
spun off dozens of promising start-ups. UCSF's expansion of major research
functions to its Mission Bay campus serves as a hub for basic scientific
inquiry and a meeting place for academics from around the world. The wide
range of UCSF's sophisticated laboratories built for the 21st Century include
the Molecular Design Institute, the Center for Advanced Technology, as well as
significant efforts in structural and chemical biology, molecular, cell and
developmental biology, advanced microscopy, neurology and cardiology. The
California Institute for Quantitative Bioscience (QB3) features unique
interdisciplinary programs at Mission Bay, including bioengineering and
biotechnology, bioinformatics and computational biology, experimental
genomics, proteomics and biochemistry. The J. David Gladstone Institutes offer
three compelling disease-focused institutes conducting important work in the
realm of cardiovascular disease, virology and immunology, and neurology.
Finally, the UCSF Mission Bay hospital campus is well underway in the design
phase, and will initially offer 280 beds in an integrated facility to serve
women, children and cancer patients. The overriding emphasis of this array of
diverse life science entities is to translate research discoveries into viable
commercial products to solve critical unmet medical needs.
Stephen Richardson remarked, "We are delighted with Pfizer's decision to
join its life science colleagues at this most important cluster location at
Mission Bay. Pfizer's strategic vision will strengthen the efforts of the
many people and entities it interacts with, as well as provide a durable
platform for its future success." Mr. Richardson further elaborated on
Alexandria's Center for Science and Technology at Mission Bay, stating, "We
have worked closely with the San Francisco Redevelopment Agency and the City
of San Francisco in the development of these class-A office/laboratory
facilities which offer Alexandria's unique proprietary products. This strategy
has yielded tremendous success and has infused the private sector squarely
into the highly interactive and collaborative scientific commercialization
effort so easily evident at Mission Bay."
About the Alexandria Center for Science and Technology at Mission Bay
The Alexandria Center for Science and Technology at Mission Bay when
completed will be comprised of 13 Class-A facilities totaling approximately
2.7 million square feet suitable for the most demanding requirements of any
scientific or technology enterprise. The Alexandria Center is organized into
four discrete but highly interactive and collaborative campuses: the north
campus includes the 455 Mission Bay Boulevard project leased to Pfizer; the
east campus is a "super block" that is perhaps the most desirable site on the
entire west coast, featuring the ability to accommodate a corporate
headquarters facility of more than one million square feet; the south campus
is directly across the street from the UCSF hospital complex and certain to be
an important location for physicians, clinicians and translational
researchers; and the west campus features a wide range of unique client tenant
spaces, including Alexandria's Science Hotel(R) and the "Sand Hill Road of
Mission Bay" on the 5th floor of 1700 Owens Street, populated with many of the
industry's leading venture investors.
Pfizer's lease at 455 Mission Bay Boulevard South is an important
milestone in the unfolding success story at Mission Bay. Alexandria's
pioneering facility in this cluster, 1700 Owens Street, containing
approximately 156,000 square feet, is now nearly fully leased. The second
facility, 1500 Owens Street, containing approximately 158,000 square feet, has
attracted UCSF's orthopedic clinic and related research and translational unit
as its anchor tenant, and is expected to achieve similar success.
Alexandria's Center for Science and Technology at Mission Bay has quickly
established itself as one of the most important life science destinations and,
along with its prominent neighbors, has established an extraordinary
environment for propelling the commercial life science sector to another level
of productivity and success.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc., Landlord of Choice to the Life
Science Industry(R), is the largest owner and pre-eminent first-in-class
international real estate investment trust focused principally on
science-driven cluster formation through the ownership, operation, management,
redevelopment, selective development and acquisition of properties containing
technical environments, including office/laboratory space. Alexandria is the
leading provider of high-quality environmentally sustainable real estate,
technical infrastructure, services and capital to the broad and diverse life
science industry. Client tenants include institutional (universities and
independent not-for-profit institutions), pharmaceutical, biotechnology,
medical device, product, service, and translational entities, as well as
government agencies. Alexandria's operating platform is based on the principle
of "clustering," with assets and operations located in key life science
markets. As of March 31, 2008, our asset base approximated 13.3 million
rentable square feet consisting of 159 properties approximating 11.7 million
rentable square feet (including spaces undergoing active redevelopment) and
properties undergoing ground-up development approximating 1.6 million rentable
square feet. In addition, our asset base will enable us to grow to
approximately 22.3 million square feet through future ground-up development
approximating 9.0 million square feet of office/laboratory space.
This press release contains forward-looking statements within the meaning
of the federal securities laws. Actual results may differ materially from
those projected in the forward-looking statements. Additional information
concerning factors that could cause actual results to differ materially from
those in the forward-looking statements is contained in our Annual Report on
Form 10-K and our other periodic reports filed with the Securities and
Exchange Commission.
SOURCE Alexandria Real Estate Equities, Inc.

Joel S. Marcus, Chief Executive Officer of Alexandria Real Estate Equities,
Inc., +1-626-578-9693