Alexandria Real Estate Equities’ vision to turn a mostly undeveloped property in Research Triangle Park into its latest life science cluster is moving forward with a first phase intended to boost offerings for early-stage startups.
Pasadena, CA-based Alexandria (NYSE: ARE), which operates science and technology campuses across the country, announced the RTP plans today. Alexandria will start by refurbishing an existing building and laying the groundwork for development expected to reach 1 million square feet of space. Those RTP plans put the property shy of similar Alexandria science campuses in San Francisco; Cambridge, MA, and New York. But Alexandria CEO Joel Marcus says each site reflects its market.