Alexandria Real Estate Equities, Inc. (NYSE: ARE) is deploying forward-thinking greenhouse gas (GHG) emissions mitigation strategies at its laboratory buildings as it works to provide essential facilities that align with the sustainability ambitions of many of the REIT’s innovative tenants. These strategies were a key factor for Alexandria receiving Nareit’s Sustainable Design Impact Award, part of the inaugural Sustainability Impact Awards recently presented at REITworks: 2024 Sustainability & Social Responsibility Conference in McLean, Virginia.
Alexandria was recognized for the design and development of alternative energy system at its recently delivered projects at 325 Binney Street and 15 Necco Street in Greater Boston, which utilize geothermal energy, and its wastewater heat recovery system at the Alexandria Center® for Life Science - South Lake Union mega campus in the Seattle region.
In its recently released 2023 Corporate Responsibility Report, Alexandria announced a new target to reduce operational GHG emissions intensity by 30% by 2030 from a 2022 baseline. These projects will build on progress to date, contributing to the 45% decrease in its operational emissions Alexandria estimates it will be able to achieve between 2021 and 2030.
Alexandria’s innovative approach to achieve these deep carbon reductions is demonstrated at two notable developments. Alexandria’s 325 Binney Street is designed to be the most sustainable laboratory building in Cambridge, Massachusetts and is home to Moderna's new global headquarters and research and development center. Meanwhile, 15 Necco Street is a state-of-the-art, high-performance laboratory facility that houses the Lilly Seaport Innovation Center.
These sustainable buildings are targeting energy efficiency that exceed code requirements, reduced fossil fuel use through the implementation of geothermal energy systems, and the use of 100% renewable electricity. This has resulted in an estimated 97% and 96% emissions reduction, respectively, relative to the Massachusetts 2020 Stretch Code baseline.
On the other side of the country, the energy district at the South Lake Union mega campus in Seattle features one of the largest wastewater heat recovery systems in North America. By drawing thermal energy from the King County sewer, the energy district captures heat from wastewater and diverts it to multiple buildings on campus. This innovative strategy is expected to provide 70% of the mega campus's heating and is estimated to reduce greenhouse gas emissions by 99% compared to Seattle's average laboratory building.
The project is a significant step forward in King County’s plans to further commercial interest in sewer heat recovery an innovative solution that requires partnership with the private sector to save energy costs and reduce greenhouse gas emissions.