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Alexandria Acquires Stanford Research Park Asset for $26M
Pasadena-based Alexandria Real Estate Equities, Inc. expanded its Greater Stanford Innovation Cluster footprint with the $26-million acquisition of 3160 Porter Dr., a 92,000-square-foot redevelopment project in Stanford Research Park. The REIT was selected by Stanford University to transform the Palo Alto office asset into a dynamic, intentionally designed innovation center.
The renovations are expected to foster the growth of promising early- and growth-stage life science companies and enable the discovery and development of new treatments and cures. The facility, which will house Alexandria LaunchLabs, will serve as the flagship anchor of an emerging life science district focused on bioengineering, gene therapies, diagnostics, medical technologies and devices, surgical robotics and digital health.
Alexandria’s Stephen A. Richardson says, “we are honored to continue our long-term strategic relationship with Stanford to create a world-class, thoughtfully programmed life science destination to invigorate Stanford Research Park and build upon Stanford’s rich history at the leading edge of scientific advances that improve patient lives.”
*Photo credit: Vantage Point Photography Inc.
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