Tech and life science developer Alexandria Real Estate Equities has elevated Thomas Andrews to the position of co-president effective April 23.
Andrews, who will retain his role as Alexandria’s Greater Boston market lead, has led the Pasadena, California-based REIT’s local operations since 1999 and built Greater Boston into its largest market with 6.4 million square feet of office and lab space owned or under development. He’s overseen development of the 2.6-million-square-foot Alexandria Center at Kendall Square campus which has landed such tenants as Facebook and Bristol-Myers Squibb.
Alexandria’s recent acquisitions include the 644,000-square-foot One Kendall Square for $725 million, the Metropolitan Pipe & Supply Co. property for $80.25 million and 266-275 Second Ave. in Waltham for $70.7 million.
The Greater Boston portfolio accounts for 38 percent of Alexandria’s annual rental revenues at $356.2 million as of Dec. 31, with 54 properties owned or under development and an average rental rate of $61.05 per square foot.
Dean Shigenaga, Alexandria’s CFO since 2004, was simultaneously named co-president. He will lead Alexandria’s West Coast operations and continue in his CFO role.