California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


California  + San Diego  + Healthcare  | 
Alexandria Real Estate Equities completed the recapitalization of an R&D center purpose-built for Takeda in San Diego's University Town Center submarket

Alexandria Recapitalizes Takeda R&D Center in San Diego’s UTC Submarket

Alexandria Real Estate Equities completed the recapitalization of an existing real estate joint venture for 9625 Towne Centre Dr. in San Diego’s University Town Center submarket. The REIT and its former JV partner for the asset completed the sale of a 70% interest at a total property valuation of $160.5 million and a 4.5% cap rate. 

The purpose-built, Class A life science facility comprises 163,648 square feet that Alexandria redeveloped in 2017 and delivered to Takeda in 2018 as one of its three global R&D centers. It’s home to four research platform groups: structural biology, computational biology, early target discovery and biologics. 

As a result of the recapitalization, Alexandria’s share of the sales price was $32.3 million and its ownership interest in the property decreased from 50.1% to 30%. The company retains operating control, while the former JV partner exited the investment entirely. 


Inside The Story

Alexandria Real Estate Equities

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition