Alexandria Signs Lease With Pinterest For 88 Bluxome Campus
Zacks Investment Research | Mar 22, 2019 05:18AM ET
Alexandria Real Estate Equities, Inc. (NYSE:ARE) recently inked a major lease with social media website Pinterest, Inc. for 88 Bluxome Street redevelopment. Pinterest will serve as the anchor tenant for nearly 490,000 rentable square feet (RSF) at the campus.
This marks the first major lease signed at the project in support of the city’s Central SoMa Plan. Further, with this lease, the project is nearly 60% preleased.
Specifically, the mixed-use development project spans nearly one million square feet of space and is located in the central SoMa neighborhood of San Francisco. The premier campus will offer a distinctive life-science and technology building along with dynamic ground-floor retail space.
Moreover, it will include a community recreation center, an air rights parcel that has been deeded to the city for developing nearly 90 units of affordable housing space and a linear park along the recently improved Bluxome Street, among others.
Also, sufficient outdoor deck spaces throughout the building and a public activity space complement the neighborhood's Gene Friend Recreation Center.
Per management, the well-planned development will help the company address the needs of the SoMa submarket. Management believes that it will spur innovation and job growth in SoMa, thereby revitalizing the neighborhood. Additionally, it enhances Alexandria’s development pipeline of value-accretive projects.
Notably, Alexandria has an active development and redevelopment pipeline with 3.9 million RSF of projects slated for delivery from 2019 through 2020. The delivery of these new Class A properties in AAA locations will likely boost the company’s operating performance.
Over the past three months, shares of this Zacks Rank #2 (Buy) company have rallied 29.2% compared with the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.