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Alexandria Real Estate Equities, a roughly $9.3 billion total market capitalization real estate investment trust based in Pasadena, CA, has formed a partnership with Uber Technologies to acquire two development sites in San Francisco’s Mission Bay.
The parcels, located at 1455 and 1515 Third St., will support a 422,980-square-foot ground-up development for Uber as the San Francisco-based ride sharing service looks to expand its corporate headquarters.
The strategic partnership will see Alexandria maintain majority ownership, owning 51% compared to Uber’s 49%. Alexandria originally sold the parcels to saleforce.com back in 2010.
The development is in concurrence with a 15-year lease for Uber. The sale also included approximately 425 existing parking spaces, plans, permits and piles.
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