Alexandria’s 171,000 SQFT Capricor Lease Hinges on FDA Ruling as San Diego Lab Vacancy Hits 28.5%

Alexandria Real Estate Equities has committed a tenant improvement allowance of up to $31.6 million and more than two years of base rent relief to Capricor Therapeutics at 9625 Towne Centre Drive, yet either side can walk away if the FDA has not approved Capricor's Duchenne muscular dystrophy therapy by Dec. 31, 2026, a structure that shows how far landlords are stretching to fill big San Diego lab blocks.