Life sciences REIT Alexandria Real Estate Equities said it will pay $270 million to extend its ground lease at Technology Square in Cambridge through the end of 2088. Pasadena, CA-based Alexandria initially paid $600 million to an MIT affiliate in 2006 for a ground-lease interest that extended to Jan. 1, 2065.

The amendment to the ground lease requires that Alexandria prepay its entire rent obligation for the extended lease term in two equal installments during the fourth quarter of 2024 and Q1 of 2025. This amount will be amortized on a straight-line basis over the remaining lease term from July 2024 through December 2088.

“Alexandria Technology Square is a foundational mega campus in the heart of the global life science ecosystem in Cambridge and is the Greater Boston base of operations of key strategic long-tenured tenants such as Novartis AG, GlaxoSmithKline plc, Massachusetts Institute of Technology and Mass General Brigham,” the REIT said in reporting its Q2 results. “Securing this ground lease through December 2088 significantly enhances the long-term value of our investment in this critical mega campus.”