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March 26, 2020
Publicly traded Alexandria Real Estate Equities of Pasadena, California, is a major owner and developer of office and biotech space in the Seattle market. It now has around 1.6 million square feet built or under development here — mostly along Eastlake and in South Lake Union. The company announced this week that it's raising $700 million in a public debt offering. The 4.9% senior notes, due in 2030, will pay down Alexandria's other lines of credit, and be used for general purposes. Among the latter will be the anticipated $143.5 million purchase from the city of its Mercer Mega Block, where two 13-story offices towers and an apartment building are planned on almost 3 acres.