Alexandria Real Estate Equities Inc. acquired a building in Stanford Research Park in Palo Alto, Calif., for $26 million, or around $283 per square foot, according to the Silicon Valley Business Journal.
The real estate investment trust plans to refurbish the 92,000-square-foot office building at 3160 Porter Drive into a lab space, which will house Alexandria's LaunchLabs concept. LaunchLabs offers early- and growth-stage life science companies space to grow, mentorships, and access to funding from the Alexandria seed capital platform.
The new space will add to the 300,000-square-foot presence Alexandria already has in Stanford Research Park. The REIT owns 1.1 million square feet in the park and adjacent cities and has 1.6 million square feet of development in its pipeline.
Stanford University held a competition to find a buyer for the space and selected Alexandria for its experience as a life science developer.
