Alexandria Real Estate Equities, Inc. Provides Update

- 102,000 Square Foot State-of-the-Art Facility Delivered to Pfizer Inc.,
Pursuant to a Long-Term Lease, at the Alexandria Center for Science and
Technology at Mission Bay(R) -

PASADENA, Calif., Oct. 29 /PRNewswire/ -- Alexandria Real Estate Equities,
Inc. (NYSE: ARE), Landlord of Choice to the Life Science Industry®, today
provided an update highlighting recent accomplishments.

Alexandria announced the delivery of a state-of-the-art facility to Pfizer
Inc. at the Alexandria Center for Science and Technology at Mission Bay®. As
announced in August, 2008, Pfizer Inc. entered into a 15-year lease for
approximately 102,000 square feet at this dynamic, first-in-class life science
cluster. Alexandria's highly skilled development and construction teams
worked closely with Pfizer Inc. to develop a robust, flexible and reusable
base building with state-of-the-art infrastructure.

Pfizer Inc. recently completed a sublease with Nektar Therapeutics, which will
use this facility for its drug discovery research, development and
commercialization activities. The facility is very high quality with
environmentally sustainable technical infrastructure located in a critically
important adjacency location to University of California San Francisco (UCSF).
The Pfizer Inc. facility is Alexandria's third life science project at
Mission Bay and is highly successful in its construction, delivery and
lease-up.

"We are proud to have worked closely with Pfizer on the design and
construction of this state-of-the-art facility. Equally important, we are
pleased to note that the building was delivered on time and on budget," said
Stephen Richardson, Senior Vice President and Regional Market Director for the
San Francisco Bay Area, Alexandria Real Estate Equities, Inc.

The Alexandria Center for Science and Technology at Mission Bay® has quickly
become one of the world's preeminent life science clusters. At the heart of
Mission Bay is UCSF, which provides a strong foundation for collaboration,
with a rich and prolific history of generating commercially viable
intellectual capital. UCSF's entrepreneurial faculty and technology transfer
office have led to the creation of more than 60 biopharmaceutical companies.
UCSF, a powerful life science innovation engine, is unique among nearly all
centers of excellence across the nation Other Alexandria client tenants at
Mission Bay include such prestigious entities as Celgene Corporation, Merck &
Co., Inc., Presidio Pharmaceuticals, Inc., Five Prime Therapeutics, Inc., Ion
Torrent Systems, Inc., the J. David Gladstone Institutes, UCSF Orthopedic
Clinic and blue-chip venture capital firms.

Further executing on its capital plan, Alexandria announced the closing of a
new $120 million 10-year fixed rate secured financing with a top tier life
insurance company. The proceeds of the loan will initially be used to reduce
outstanding indebtedness on its unsecured line of credit. The collateral for
this loan consists of six properties, which were previously part of our
unencumbered assets. As of June 30, 2009, our unencumbered net operating
income approximated 60.8 percent of our total net operating income.

Also, as part of the ongoing execution of Alexandria's multi-faceted capital
plan, Alexandria reported the identification of four properties for sale
aggregating approximately 269,000 rentable square feet, including several
properties that are under negotiation for sale. These properties will be sold
primarily to life science users with anticipated closings over the next
several quarters. Total estimated sales prices for these properties, including
the three properties that have been sold to date in 2009, aggregate
approximately $50 million. The proceeds of these asset sales have and will be
used to repay outstanding indebtedness on Alexandria's unsecured revolving
line of credit.

Alexandria also today announced the receipt of Gold LEED certification by the
U.S. Green Building Council for the recent build out of its proprietary
Science Hotel® in San Diego, California. This is one of the very first
office/laboratory spaces to have been Gold Certified LEED Commercial Interiors
in the State of California.

The Science Hotel® consists of office/laboratory space divided in multiple
suites with many common functions and a very high laboratory operations
service component. As part of the project, Alexandria replaced the existing
chiller and boilers with high efficiency models, installed a water reducing
chemical treatment system for the cooling towers and installed water saving
plumbing fixtures that saves over 40 percent of water use compared to a
similar building. Alexandria also diverted more than 82 percent of the
construction waste generated by the project from the local landfills, used
materials that incorporated more than 23 percent recycled content, salvaged
and refurbished more than 20 percent of the existing materials on site, and 40
percent of the materials purchased were manufactured regionally. All of these
sustainable practices not only provide for a better working environment and
reduce the environmental impact of the building but equally important, the
energy efficiencies also lower tenants' operating costs.

LEED is the nationally accepted benchmark for the design, construction and
operating of high performance green buildings. LEED promotes a whole-building
approach to sustainability by recognizing performance in five key areas of
human and environmental health: sustainable site development, water savings,
energy efficiency, materials selection and indoor environmental quality.

"Alexandria continues to lead the way in the development and operation of life
science clusters globally and this Gold LEED certification, one of the first
office/laboratory spaces in California to be designated as such, is yet
another example of our innovative leadership and commitment to efficient
practices," said Vincent Ciruzzi, Senior Vice President, Construction and
Development, Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc., Landlord of Choice to the Life Science
Industry®, is the largest owner and preeminent first-in-class real estate
investment trust focused principally on science-driven cluster formation.
Alexandria is the leading provider of high-quality environmentally sustainable
real estate, technical infrastructure and services to the broad and diverse
life science industry. Client tenants include institutional (universities and
independent not-for-profit institutions), pharmaceutical, biopharmaceutical,
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.

This press release contains forward-looking statements, including earnings
guidance, 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, Alexandria Real Estate Equities,
Inc., +1-626-578-9693