Joslin Diabetes Center Completes Sale of Land, Development Rights to Alexandria, National Development and Charles River
BOSTON - November 27, 2007 - Joslin Diabetes Center announced today it has completed the sale of a prime development parcel at the intersection of Longwood and Brookline Avenues in the Longwood Medical Area (LMA) to a joint venture of Alexandria Real Estate Equities, Inc., National Development, and Charles River Realty Investors.
The joint venture partners plan to build an approximately 350,000 square foot life science research building on the parcel, an approximately 1.1 acre site for which development rights were approved by the BRA in 2003. Joslin will secure expansion research space in a portion of the new building, with the remainder of the building expected to be leased to other institutions and life sciences companies.
"This is an important step forward in our quest to cure diabetes," said Ranch C. Kimball, President and CEO, Joslin Diabetes Center. "This sale allows us to plan for expansion of our world-class research programs."
"We plan to build a top-quality life science research facility for the institutions in the Longwood Medical Area and their associated partners," said Thomas M. Alperin, President of National Development. "While we are at an early stage in the project, we have been impressed with the strong interest by other organizations in joining Joslin in the proposed building."
Construction on the new building is expected to begin in 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 is the world's largest diabetes research center, diabetes clinic and provider of diabetes education. Among the Harvard Medical School-affiliated institutions, Joslin is 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.
For more information about Joslin, call 1-800-JOSLIN-1 or visit http://www.joslin.org/.
About 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 $5.6 billion total market capitalization (as of September 30, 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. For more information about Alexandria, visit http://www.labspace.com/.
About National Development
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. Among its Boston projects, the firm recently acquired six buildings in Fort Point Channel, developed the Marriott Residence Inn at Tudor Wharf in Charlestown, and is developing the Boston Herald site. National Development is well known for its ability to work well with communities and its commitment to high quality design. For more information about National Development, visit http://www.natdev.com/.
About Charles River Realty Investors
Charles River is a locally-based private equity real estate investment firm focused on making value-added real estate investments in conjunction with real estate operators, primarily in the New England-region. The firm is currently investing Charles River Realty Fund I, a $200 million discretionary closed-end commingled fund. For more information about Charles River, visit http://www.crreal.com/.