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Editor's note: The following deal was honored as part of the Business Times' 2023 Real Estate Deals of the Year. Click here to see the other honorees.
Cargo at the Alexandria Center for Life Science – San Carlos
Cancer cell therapy company Cargo Therapeutics Inc. took nearly 100,000 square feet in a San Carlos development built at the height of the biotech boom. The Alexandria Center for Life Science – San Carlos consists of more than 739,000 rentable square feet in operation, including a two-building, 523,242-square-foot development at 825 and 835 Industrial Road that opened in 2020. Cargo's lease runs through March 2031.
Address: 835 Industrial Road, San Carlos
Size: 99,557 square feet
Tenant: Cargo Therapeutics Inc.
Landlord: Alexandria Real Estate Equities, Inc.
Tenant reps: Scott Miller, Cole Smith, Grant Yeatman, Grant Dettmer, and Allison Hoffmann, JLL
Why it's award-worthy: The space that Cargo leased had been vacated by biotech company Atreca Inc. as the industry dipped in the eyes of Wall Street. The move by Cargo shows how the right company can find the right space under the right circumstances, even during an industry downturn. Cargo took possession of the space only a few weeks after Atreca vacated it.
