135,000 Square-foot Office Building Development Site
SAN FRANCISCO (May 12, 2015) – TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, and Alexandria Real Estate Equities, Inc. (NYSE:ARE), a pioneering developer of urban science and technology campuses, today announced that they formed a joint venture and acquired 505 Brannan Street, a fully entitled development site complete with Prop M office allocation secured during late 2014.
“The project has everything tenants are looking for – large floor-plates, a side core design, surrounded by residential and retail amenities – and has great transit access with the Cal Train station a block away and a new Central Subway stop less than half a block away,” said Matt Field, Chief Investment Officer with TMG Partners. “We expect extremely strong demand for the project. We are also extremely excited about the opportunity to venture with Alexandria Real Estate Equities, Inc. They are a best in class owner and operator and we believe our combined skill sets will be extremely complementary.”
“Alexandria’s highly successful Mission Bay-SoMa cluster — comprised of 980,000 square feet of operating properties — is 100% leased predominately to investment grade tenants and its near-term development pipeline comprised of 723,000 square feet is also 100% leased to high quality disruptive technology companies,” said said Stephen Richardson, Chief Operating Office and Regional Market Director, San Francisco from Alexandria Real Estate Equities, Inc. “We are very enthusiastic to continue partnering with such client-tenants and believe 505 Brannan will be highly desirable.”
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 23 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Mountain View, San Bruno, San Jose and San Francisco. One of the most active developers in this area in the last decade, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit: www.tmgpartners.com
About Alexandria Real Estate Equities
Alexandria Real Estate Equities, Inc. (NYSE: ARE) is a fully integrated, self-administered, and self-managed real estate investment trust (“REIT”) uniquely focused on collaborative science campuses in urban innovation clusters located in key coastal gateway cities, with a total market capitalization of $11.3 billion as of March 31, 2015, and an asset base of 30.7 million square feet, including 18.5 million RSF of operating and current value-creation projects, as well as an additional 2.2 million square feet of near-term and 10.0 million square feet of future ground-up development projects. Alexandria pioneered this niche in 1994 and has since established a dominant market presence in AAA locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle Park.
