Alexandria Real Estate Equities to Deliver Moderna’s Headquarters in Cambridge, Massachusetts in November

by John Nelson

CAMBRIDGE, MASS. — Alexandria Real Estate Equities Inc. (NYSE: ARE), an office and life sciences REIT based in Pasadena, Calif., plans to open Moderna’s (Nasdaq: MRNA) new global headquarters in Cambridge ahead of schedule. The developer will deliver the 462,100-square-foot property at 325 Binney St. in November.

The building will serve as Moderna’s corporate headquarters and also house the company’s core research-and-development operations. The property will be situated within Alexandria Center at the One Kendall Square mega campus, which is located near other life sciences firms and top-tier institutions in the Greater Boston area, including Harvard University and MIT.

“We value our longtime strategic relationship with Alexandria. It has been a privilege to work with their team to develop our new headquarters and science center designed to be the most sustainable laboratory building in Cambridge,” says Jamey Mock, chief financial officer of Moderna.

Moderna will use the facility to continue to hone and make advances in its mRNA medicines and therapeutics to combat a wide range of diseases, including COVID-19.

Alexandria Real Estate Equities is targeting for the new property to achieve LEED Zero Energy, LEED Platinum Core & Shell, Fitwel Life Science and WiredScore Platinum certifications. The property will be equipped with geothermal technology and renewable electricity systems in an effort to reduce energy usage and emissions. In addition to office and laboratory spaces, the campus will also include gathering spaces, walking trails and outdoor areas to promote movement and socialization.

The developer also says that it will deliver 325 Binney St. under its initial budget, which was undisclosed.

“As we continue to innovate and grow our world-class mRNA platform, our future home will enable us to keep delivering on the promise of mRNA science and retain and recruit the best talent from the Massachusetts life sciences sector while also minimizing our environmental footprint,” says Mock.

To recognize its work in building Moderna’s new home, Alexandria Real Estate Equities received the 2023 Visionary Award from the Cambridge Chamber of Commerce.

Alexandria Real Estate Equities has developed office and life sciences campuses in Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and North Carolina’s Research Triangle. The company has an asset base in North America of 74.9 million square feet as of June 30, 2023, which includes 5.3 million square feet of space under construction and 19.1 million square feet of future development projects.

The company’s stock price closed at $98.18 per share on Monday, Oct. 2, down from $144.09 in Oct. 2022, a nearly 32 percent decline.

Moderna was founded in 2010 and has grown to include seven business verticals across its mRNA and therapeutics practices, which include technology and vaccines. The company operates offices in Cambridge; Norwood, Mass.; Atlanta; Bethesda, Md.; Princeton, N.J.; Seattle; and San Francisco.

Moderna’s stock price closed at $103.31 per share on Monday, down from $120.99 a year ago, a 14.6 percent drop.

John Nelson

You may also like