Joslin Diabetes Center Poised to Sell Land, Development Rights to National Development and Alexandria
A Decisive Step forward for 109-Year-Old Institution; Premier Biotechnology Research Facilities to be Built in Longwood Medical Area
BOSTON – July 24, 2007 – Joslin Diabetes Center announced today it has signed a letter of intent with a joint venture of National Development and Alexandria Real Estate Equities, Inc. (NYSE: "ARE") to purchase a prime development parcel owned by Joslin at the intersection of Longwood and Brookline Avenues in the Longwood Medical Area (LMA). The joint venture plans to build a life science building with premier research facilities.
"The entire world is in a race against time on diabetes and its devastating complications," said Ranch C. Kimball, President and CEO, Joslin Diabetes Center. "Our most urgent priority is to cure diabetes, and this sale will allow us to have expansion space for our world-class research programs."
"This is an important development for the City of Boston, which is committed to expanding its leadership in biotechnology," said Mayor Thomas Menino. "It's great to see Joslin initiate a new research building in the LMA for the use of our world-class universities, medical researchers and biotech firms; and at the same time take a major step forward in its quest to cure diabetes."
Under the terms of the letter of intent, Joslin will sell a portion of its property, the total of which currently encompasses the entire block at the corner of Longwood and Brookline Avenues. National Development/Alexandria will buy a 46,920 square foot development parcel and development rights for the BRA-approved Joslin Place project, approved in 2003. The sale also includes an existing 75,000 square foot research building located on Pilgrim Road.
Joslin will secure replacement and expansion research space in the new building.
"Our goal is to build premier biotechnology research space for the institutions in the Longwood Medical Area and their associated partners," said Ted Tye, Managing Partner of National Development. "We will work with the City of Boston and stakeholders in the LMA to build a premier biotechnology research facility."
Joslin and National Development/Alexandria plan to close later this fall. Construction on the new building is expected to begin in mid-2008.
About Joslin Diabetes Center
Diabetes is the healthcare epidemic of our time. More than 21 million Americans have diabetes, and nearly one third of them don't know they have it. Diabetes causes a wide range of devastating complications, from heart disease and stroke, to blindness, kidney disease and amputations.
Joslin Diabetes Center is the world's largest diabetes research center, diabetes clinic and provider of diabetes education. Among the Harvard Medical School Affiliated institutions, Joslin in one of the most research-intensive academic medical centers and is unique in its sole focus on diabetes.
Joslin's President and CEO, Ranch C. Kimball, sets the strategic direction of the organization and oversees all operations regarding its growth, and is focused on expanding the impact of Joslin. Kimball joined Joslin in February 2007. After a long business career, he most recently served as the Secretary of Economic Development for the Commonwealth of Massachusetts.
Founded in 1898 by a single physician, Elliott P. Joslin, M.D., Joslin today has more than 700 employees in three major divisions:
- Joslin Research, a highly collaborative team of more than 300 people with 44 faculty level investigators undertaking the largest research program aimed at preventing and curing type 1 and type 2 diabetes and their long-term complications.
- Joslin Clinic, the world's first and most respected diabetes care facility, which cares for 23,000 patients a year.
- Joslin Strategic Initiatives, which develops and markets innovative products and services that expand the availability of Joslin knowledge and expertise to people with diabetes and the clinicians who care for them.
About National Development/Alexandria
Newton-based National Development is one of the largest development firms in New England. Since its founding in 1983, the firm has built over 14 million square feet of space in the area. National Development's projects range from office to laboratory to retail to residential and include many complex, mixed-use developments. A large majority of the firm's work is in eastern Massachusetts. Among its Boston projects, the firm recently acquired five buildings in Fort Point Channel and developed the Marriott Residence in at Tudor Wharf in Charlestown in 2004. National Development is well known for its ability to work well with communities and its commitment to high quality design.
Alexandria Real Estate Equities, Inc. (ARE:NYSE), Landlord and Developer of Choice to the Life Science Industry©, is the largest owner, cluster developer and pre-eminent first-in-class real estate investment trust focused principally on the ownership, operation, management, redevelopment, selective development and acquisition of properties containing office/laboratory space. Alexandria is the leading provider of real estate to the life science industry, and has an outstanding ten-year track record as a NYSE listed company with an approximate $5.2 billion total market capitalization (as of March 31, 2007). Alexandria provides high-quality real estate, technical infrastructure, services and capital to the broad and diverse life science sector. Client tenants include institutional (universities and independent not-for-profit institutions), pharmaceutical, biotechnology, medical device, life science product, service, biodefense and translational medicine entities, as well as governmental agencies. Alexandria's international operating platform is based on the principle of "clustering," with assets and operations strategically located in key life science hub markets.