SOUTH SAN FRANCISCO, CALIF. — Boston Properties has entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco.
Additionally, the partnership will have an opportunity to expand the campus through approximately 640,000 square feet of future development. Upon completion of the master development plan, the joint venture expects to own a 1.7 million-square-foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an approximately 50 percent ownership in the joint venture once complete.
Under the agreement, Boston Properties contributed 601, 611 and 651 Gateway Blvd., three existing office properties that total approximately 768,000 square feet, plus developable land. Alexandria contributed approximately 313,000 square feet of existing properties, including lab, office and amenity buildings, as well as developable land.