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ImClone to Anchor Alexandria Real Estate Facility in New York

07/22/2009 | By Allen Kenney

ImClone to Anchor Alexandria Real Estate Facility in New York
By Allen Kenney
Pharmaceutical company ImClone Systems has selected one of Alexandria Real Estate Equities' (NYSE: ARE) facilities in New York as its new headquarters for research and development.
ImClone, a subsidiary of Eli Lilly and Company that develops oncology pharmaceuticals, will be the anchor tenant at the Alexandria Center for Science and Technology at East River Science Park in Manhattan. Alexandria specializes in developing "life science clusters," facilities designed to meet the needs of biotechnology companies. Previously, the REIT has leased space to Eli Lilly in another of Alexandria's major clusters.
"Alexandria has now delivered on its strategy to take the positive attributes of New York City and couple them with its world-class life science cluster capabilities to provide the best technical environments in which to conduct and foster cutting edge collaboration among life science entities to produce tomorrow's cost-effective medicines that improve the human condition," said Joel S. Marcus, Alexandria's chairman, president and CEO.
New York Mayor Michael R. Bloomberg appeared at a press conference at the Alexandria Center for Science and Technology at East River Science Park to announce the agreement. The facility is located within Manhattan's East Side life science and medical corridor, and ImClone will be the first major pharmaceutical company to base its operations in New York.
"New York City has always been at the forefront of scientific innovation, but the city has never fully capitalized on its assets to create a thriving commercial bioscience industry and the jobs that come with it," Bloomberg said. "We joined with Alexandria Real Estate Equities to create the East River Science Park to provide today's bioscience companies with the state-of-the-art commercial lab space they need to locate and expand."
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