Alexandria Real Estate Equities Inc. recently announced it has executed a 12-year lease with biotechnology company Genentech Inc. for a ground-up development of an approximately 121,000-square-foot facility in South San Francisco, Calif.

The value of the transaction was not disclosed.

Genentech is scheduled to take delivery of the four-story property in the fourth quarter of 2006, according to a press statement.

Alexandria Real Estate Equities Inc. is a publicly traded real estate investment trust focused on properties containing office/laboratory space.

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