Merck Reaches Deal for West Coast Research Facility
One of the largest pharmaceutical companies in the world has signed a long-term, full-building lease for a 294,000-square-foot office and lab complex to be developed at 213 E. Grand Ave. in South San Francisco.
Kenilworth, NJ-based Merck (NYSE: MRK) tapped Alexandria Real Estate Equities (NYSE: ARE) to develop and operate the nine-story build-to-suit that will serve as Merck’s West Coast research facility. The fully entitled site is expected to break ground early next year with a delivery date tentatively scheduled for early 2019.
“We are honored to expand our strategic relationship with Merck, one of our current tenants, as the company establishes its San Francisco Bay Area R&D hub,” said Joel S. Marcus, chairman, chief executive and founder of Alexandria Real Estate. “This move is significant for Merck and South San Francisco, bringing another leading pharmaceutical player to the vibrant biotech and pharma community and reinforcing the Bay Area as a leading cluster for discovery and collaboration.”
Designed to LEED Platinum specifications, the new campus will incorporate a 300-seat auditorium, fitness center, cafe, terrace with waterfront views, open green space and an outdoor event area. The location will also put Merck employees minutes from Hwy. 101 and the Caltrain – South San Francisco station.
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