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Catellus Sells 508,000 S.F. of Commercial Entitlements at Mission
Bay
SAN FRANCISCO, Sept. 13 /PRNewswire-FirstCall/ -- Catellus Development
Corporation (NYSE:CDX) announced today the sale of land entitled for 508,000
square feet of commercial space at Mission Bay in San Francisco, California, to
Alexandria Real Estate Equities, Inc. (NYSE:ARE).
The sale consists of Parcels 1, 3, 4, 5, 6, and 7 in Mission Bay Blocks 41, 42,
and 43, which Catellus had planned for a life science campus located
immediately adjacent to UCSF Mission Bay, the University of California at San
Francisco's new 43-acre biotechnology research and life science campus, and
Gladstone Institute, an independent biomedical research group.
"We are very pleased to welcome Alexandria to Mission Bay. We believe that
their solid reputation and credible track record as an owner and developer of
life science properties will significantly enhance efforts to attract biotech
firms to Mission Bay," said Nelson C. Rising, Catellus chairman and CEO.
"We are equally pleased to be part of Mission Bay, and the pioneering work of
Catellus, and are looking forward to taking part in helping to create what we
believe is becoming a major cluster for scientific research, development, and
translational medicine," commented Joel S. Marcus, Alexandria CEO. "For our
clients, this premier San Francisco location and proximity to UCSF's new life
science campus should be significant factors when they are making decisions to
locate here."
"This validates my view that San Francisco is on the cusp of great things in
terms of biotech," said San Francisco Mayor Gavin Newsom, "We have taken
proactive steps to attract the industry by passing a targeted biotech tax
credit. Alexandria's entry into this market is one more piece in the puzzle and
a tremendous vote of confidence in our City."
Catellus Development Corporation is a publicly traded real estate development
company that began operating as a real estate investment trust effective
January 1, 2004. The company owns and operates approximately 41.4 million
square feet of predominantly industrial property in many of the country's major
distribution centers and transportation corridors. Catellus' principal
objective is sustainable, long-term growth in earnings, which it seeks to
achieve by applying its strategic resources: a lower-risk/higher- return
rental portfolio, a focus on expanding that portfolio through development, and
the deployment of its proven land development skills to select opportunities
where it can generate profits to recycle back into its business. More
information on the company is available at http://www.catellus.com/.
Except for historical matters, the matters discussed in this release are
forward-looking statements that involve risks and uncertainties. Forward-
looking statements include, but are not limited to, statements about plans,
opportunities, and development. We caution you not to place undue reliance on
these forward-looking statements, which reflect our current beliefs and are
based on information currently available to us. We do not undertake any
obligation to publicly revise these forward-looking statements to reflect
future events or changes in circumstances, except as may be required by law.
These forward-looking statements are subject to risks and uncertainties that
could cause our actual results, performance, or achievements to differ
materially from those expressed in or implied by these statements. In
particular, among the factors that could cause actual results to differ
materially are: changes in the real estate market or in general economic
conditions, including a worsening economic slowdown or recession; product and
geographical concentration; industry competition; availability of financing and
changes in interest rates and capital markets; changes in insurance markets;
discretionary government decisions affecting the use of land, and delays
resulting therefrom; changes in the management team; weather conditions and
other natural occurrences that may affect construction or cause damage to
assets; changes in income taxes or tax laws; liability for environmental
remediation and changes in environmental laws and regulations; failure or
inability of third parties to fulfill their commitments or to perform their
obligations under agreements; failure of parties to reach agreement on
definitive terms or to close transactions; increases in the cost of land and
construction materials and availability of properties for future development;
limitations on, or challenges to, title to our properties; risks related to the
financial strength of joint venture projects and co-owners; changes in policies
and practices of organized labor groups; shortages or increased costs of
electrical power; other risks inherent in the real estate business; and acts of
war, other geopolitical events and terrorists activities that could adversely
affect any of the above factors. For further information, including more
detailed risk factors, you should refer to Catellus Development Corporation's
annual report on Form 10-K for the fiscal year ended December 31, 2003, and its
report on Form 10-Q for the quarter ended June 30, 2004, filed with the
Securities and Exchange Commission.
Contacts:
Margan Mitchell
Vice President, Corporate Communications
Catellus Development Corporation
415-974-4616
Joel S. Marcus
Chief Executive Officer
Alexandria Real Estate Equities, Inc.
626-578-0777
DATASOURCE: Catellus Development Corporation
CONTACT: Margan Mitchell, Vice President, Corporate Communications of
Catellus Development Corporation, +1-415-974-4616; or Joel S. Marcus, Chief
Executive Officer of Alexandria Real Estate Equities, Inc., +1-626-578-0777
Web site: http://www.catellus.com/