Finance History | 26 North Euclid Avenue — A Life-Science REIT Across from City Hall
· 1994-10
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Finance History | 26 North Euclid Avenue — A Life-Science REIT Across from City Hall
kevin
People treat Alexandria Real Estate Equities as a life-science landlord with campuses in Boston and South San Francisco.
The holding company sits on this Pasadena civic block.
Alexandria was formed in October 1994 as a Maryland real estate investment trust to buy and develop laboratory and office space for pharmaceutical and biotechnology tenants.
Jerry M. Sudarsky of Jacobs Engineering and Joel S. Marcus organized the firm. Jacobs put founding capital into the plan.
The first purchases were laboratory buildings in San Diego.
In May 1997 the company listed on the New York Stock Exchange under the ticker ARE. The offering registered 6,750,000 common shares.
Headquarters today occupy 26 North Euclid Avenue, kitty-corner to Pasadena City Hall on the Civic Center.
The 1997 prospectus still listed 251 South Lake Avenue, Suite 700, as the Pasadena business address. The Euclid building is the house a visitor finds now.
The pin is the public sidewalk on North Euclid. City Hall across the intersection is the landmark that locates the block. The office lobby is not a museum.
The mechanism is a REIT that turned leased lab benches into an exchange-traded property book, a different claim on the same science payroll that drug companies carry as rent.
Photo: Craig Baker, 2018, CC BY-SA 4.0, via Wikimedia Commons. Pasadena City Hall, the civic landmark kitty-corner to 26 North Euclid Avenue.
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