Alexandria Real Estate Equities, Inc. (NYSE: ARE), a real estate investment trust focused on collaborative science and technology campuses in urban innovation clusters, has announced plans for Alexandria LaunchLabs and Alexandria Seed Fund.
The two initiatives will provide full-service commercial laboratory/office space and capital resources designed to accelerate translational research out of New York City’s academic laboratories.
Alexandria LaunchLabs will be a real estate platform providing more than 15,000 square feet of life science laboratory/office space, shared equipment and services, specialized amenities, seed funding, mentorship programs and administrative support. This platform will provide life science startups in New York City with resources and collaborative environment to develop their products. There will be a selective vetting process of prospective tenants and Alexandria will evaluate the quality of each company’s management team, intellectual property, business strategy and financial plan.
Alexandria is currently accepting tenant applications from life science startups at www.launchlabsnyc.com/apply.
The new Alexandria Seed Fund will provide seed-stage capital to support entrepreneurship and emerging companies across the New York City life science ecosystem at the transition point between scientific discovery and early translational development.
Alexandria LaunchLabs’ tenants will have priority access to the Alexandria Seed Fund, targeted at $10m to $25m and led by Alexandria Venture Investments – Alexandria’s strategic venture capital arm – with capital contributions from other strategic and financial life science investors.
Seed funding will be allocated to select companies based on the quality of each applicant’s management team, intellectual property, business strategy and financial plan.
Alexandria LaunchLabs will open in the summer of 2017 at the Alexandria Center for Life Science, New York City’s life science campus, already home to Eli Lilly and Company, Pfizer, Roche, Cellectis, Intra-Cellular Therapies, Kallyope, Kyras Therapeutics, Lycera Corp., and TARA Biosystems, Inc., as well as Lodo Therapeutics Corporation and Petra Pharma Corporation, both launched by Accelerator Corporation.
Additionally, tenants will have access to amenities at the Alexandria Center, including FitLab, a fitness center; Riverpark®, a Tom Colicchio Restaurant; Apella®, the campus’s conference and event space; and programming and community-wide events.