Alexandria Real Estate Equities is continuing to sell off life science properties in San Diego. According to an announcement from the firm, on June 21, Alexandria along with a joint venture partner completed the sale of a 70 percent interest in a 164,000 square foot life science property in a deal worth $160.5 million, or about $981 per square foot. Alexandria’s share of the sales price was $32.3 million and its ownership interest decreased from 50.1 to 30 percent. The former joint venture partner exited the investment entirely.
The property is located at 9625 Towne Centre Drive in San Diego’s UTC submarket. The property consists of a three-story life science building on approximately seven acres of land. The building is currently utilized as a research facility for Takeda Pharmaceutical, which has been at the site since 2019, according to an announcement from the company at that time.
“Purpose-built for Takeda, the state-of-the-art, mission-critical facility houses complex, specialized equipment and contiguous, integrated nontechnical workflow space to support their highly valuable pipeline of scientific research that cannot be operated from home. As one of Takeda’s three global research and development centers, this site plays an important role in advancing their pipeline, particularly for debilitating gastrointestinal and neurological diseases,”
said Daniel J. Ryan, co-chief investment officer and regional market director at Alexandria’s San Diego office. “Ideally located in our UTC submarket — at the epicenter of the San Diego Science Sector, which is home to over 525 life science companies — 9625 Towne Centre Drive provides Takeda with critical proximity to leading research institutions and enables their relentless pursuit to bring transformative therapies to patients worldwide.”
Founded in 1994, Alexandria Real Estate Equities has properties in various life science markets across the nation, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and North Carolina’s Research Triangle. Currently, the company’s portfolio consists of 850 tenants, 41.9 million square feet worth of operating properties and 5.5 million square feet of under-construction developments.
The company has been active in San Diego for many years, and has recently been involved in several sales in the region. In October of 2022, the firm announced its involvement in four San Diego properties for a combined price of $424.8 million, according to The Registry’s previous reporting. Of these sales, the company disposed of an 84,442 square foot life science property at 7360 Carroll Road in the Sorrento Mesa submarket for $59.48 million, or about $704 per square foot. Additionally, the company sold a 109,780 square foot building at 13112 Evening Creek Drive for $55.5 million, or about $506 per square foot. Around this time, Alexandria was also involved in the sale of a 70 percent interest in two San Diego properties. The first is a 170,523 square foot property at 3215 Merryfield Row in the Torrey Pines submarket, and the second is located at 9975 Summers Ridge Road. Both properties sold for $149.9 million, or $1,256 per square foot, and $159.6 million, or $720 per square foot, respectively.
