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Alexandria Founder Talks Takeda, Massachusetts, NYC, and 30th Anniversary

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Alexandria Founder Talks Takeda, Massachusetts, NYC, and 30th Anniversary


Alexandria Real Estate Equities (ARE) executive chairman & founder Joel S. Marcus, joined by Whitney Snider, MD, vice president of science and technology for Alexandria Venture Investments, the venture capital arm of ARE, recently sat down with GEN Edge for an exclusive interview. The pair discussed the transformative impact of artificial intelligence (AI) on biopharma and on Alexandria in Part I.

In Part II of this interview, Marcus discusses Takeda Pharmaceutical’s recent decision to renew its lease and expand its space in Cambridge, MA; his perspective on Massachusetts’ proposed $1 billion extension of the Commonwealth’s bonding authority and tax credits to support life sciences industry growth; and Alexandria’s perspective on where biopharma will grow in New York City given its recent sell-off of a property in Long Island City, Queens.

This interview has been lightly edited for length and clarity.

GEN Edge: Alexandria recently announced an early renewal and expansion lease agreement with Takeda Pharma in Cambridge, MA. Why was Takeda pursuing an early renewal? And how did Alexandria help keep the company in Kendall Square?

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Joel Marcus: Takeda is one of the top 20 pharmaceutical companies in the world, based in Osaka, Japan. Japanese companies have long-term thinking. They have made a decision, both in the past and now, to keep Cambridge as their worldwide R&D center outside of their home in Osaka.

As part of that plan, they came to us six years early and asked us, would we be amenable to tying down their current space in the Alexandria campus at Kendall Square, about 225,000 square feet, for a decade beyond the end of the current term, which takes it through 2040. This is unusual in a sense, but this is a Japanese pharma company wanting to ensure they’re in the world’s number one market for collaboration, certainly for recruitment and retention of the best scientists, and life science workforce, in the world. That was their strategic decision. And then they felt this building was particularly suited. They inherited this building through the acquisition of Ariad Pharmaceuticals and their oncology portfolio [in 2017 for $5.2 billion].

At the end of this lease—it was a 15-year lease that started in 2015—we re-set the rent at a higher rent than the natural ending rent in 2030. It’s then escalated for the next decade, and we end up with a very strong leasing stat as a consequence. And they get, essentially, the right to stay in their home through the year 2040. So, it’s a pretty big decision by them, and a wonderful outcome for us.

GEN Edge: Speaking of the leading market in Cambridge, Massachusetts Gov. Maura Healey (D) came out earlier this month with a proposed renewal of the Commonwealth’s life science initiative—an additional $1 billion in bonding and tax credits. How effective is that going to be in light of the two other such programs going back to 2008?

Marcus: I think anything is helpful. In all the markets, though, where the money really is needed—[I’m] in New York right now, and this is a great example—city and state money is better spent not so much on infrastructure tax credits, because private industry will bring the infrastructure. And remember, at the early stage, tax credits don’t do any good because you don’t have taxable profits.

The better use of city and state and other supportive money is to go into the founding and funding of early-stage companies so they can grow, hire a workforce, set up a base, and scale. So that’s always my criticism of governmental policy. It should be much more focused on supporting the companies. Tax credits just aren’t relevant for small companies, and infrastructure really isn’t needed, because the private sector is there to provide that.

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GEN Edge: In Long Island City, Queens, Alexandria sold one of its properties (30-15 48th Avenue) to an entity of Cine Magic. Alexandria still owns a second property in Long Island City (30-02 48th Avenue). Why sell off one property? Is Alexandria rethinking the prospects of biotech in Long Island City?

Marcus: We were very hopeful when we bought our current site. And then the site we sold to Cine Magic. We were hopeful that Long Island City would turn out to be just a real boom opportunity. We bought those sites in the days just before Amazon announced they were going to Long Island City. Now we didn’t have any inside information, but our timing turned out to be really good.

But then, some of the political people in Long Island City, and some of the leadership who have been pretty negative on business expansion, killed the Amazon opportunity. Then you combine that with COVID-19, and it put Long Island City into a major economic reversal. We just haven’t seen the demand that we were hoping for, and that’s why we decided to recycle the capital in that one building. We still have one building that we’re in the process of tenanting. It has been very slow and painful, but we’re going to see it through.

GEN Edge: Does the West Side of Manhattan, as some developers believe—or the East Side, where Alexandria has its Alexandria Center® for Life Science campus—seem more appealing in terms of New York City biotech activity?

Marcus: I think the East Side Medical Corridor, where we have the first and only commercial life science campus, is still the heart of the ecosystem. There are a number of buildings around, but no real campus. The challenge in New York has been, during and post-COVID-19, is, one, continuing high state and city taxes. That has been a challenge for people to scale in the city. It isn’t a lack of infrastructure.

What’s really missing here, although we’ve made a huge dent—we’re the largest investor in New York biotech companies—there still has not been the kind of venture capital effort at the early stage here. It’s come a long way over the last decade, but it still pales in comparison to the Bay area, San Diego, or Boston, and that’s probably the most needed. If I was to say to the city, to the state, what’s most needed in New York, it would be risk capital for early-stage companies.

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GEN Edge: Alexandria Real Estate Equities recently celebrated its 30th anniversary and its 25th as a publicly traded real estate investment trust. How is Alexandria looking to move forward in life sciences? And how will AI help shape that?

Marcus: I think if you ask people who are medical doctors and scientists by training, they’d say we’re still in the early days of innovation. The new advances—AI is just one example—the new modalities, whether it be cell therapy, gene therapy, the whole revolution in mRNA, and many other blockbuster technologies that are starting to emerge, give the industry great hopes for continued innovation.

The other side of that is, we need to be wary of political games that are being played by some in Washington. Sometimes it’s on the left, sometimes it’s on the right. This effort to try to get Medicare to fix drug prices for Medicare patients [the Inflation Reduction Act, criticized by industry leaders since its enactment in 2022 by President Joe Biden], I think at the end of the day will mean that there’ll be less innovative and novel drugs that are addressing the Medicare patient market.

We need to not fix prices or try to control prices. What we need to do, if you want to really impact pricing is, let the manufacturer deal directly with the end user and cut out the middleman right now. The middleman in the pharmaceutical industry is mostly PBMs [pharmacy benefit managers] and other entities that are taking 40–60% of the price of drugs. Imagine if we could eliminate that. You wouldn’t have to create a negative environment for drug discovery. So that’s what we’re hoping for.

GEN Edge: This is an election year. How much are PBMs and other issues affecting biopharma long-term concerns that will have to await the outcome of the election?

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Marcus: The good news is there’s likely to be a split. The Republicans are likely to take the Senate. The Democrats are likely to recapture the House. Split government is usually the best government, because it’s balanced. That’s what we’re hoping for.

But what we need is people in Congress—it doesn’t matter what party—who are willing and committed to protect the innovation of this nation in the biomedical industry, which is the foremost industry in the world here, and not play around with governmental interference and go after the middlemen who are sapping the profits, the savings to the end user patient, and the ability to get a fair return on long term investment by the drug manufacturers and discoverers.





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Massachusetts

Massachusetts golf instructor claims Jayson Tatum among Celtics, Patriots, Red Sox, Bruins he's teaching

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Massachusetts golf instructor claims Jayson Tatum among Celtics, Patriots, Red Sox, Bruins he's teaching


Dan Boisvert has given golf lessons to a lot of people, but one of his students stands out even though he’s not known for golf.

He’s Celtics star Jayson Tatum, who is known more for driving to the basket than driving a golf ball.

Boisvert worked with Tatum for a few years while he was a teaching pro at KOHR Golf Center and more recently at Pin High Golf, the indoor golf facility he opened in North Grafton, Massachusetts, in February 2022. Tatum’s most recent lesson at Pin High was late last summer just before Celtics training camp began. Boisvert also has given Tatum lessons at the simulator that Tatum installed in his Boston area home.

The two have played about 15 rounds of golf together at such clubs as Worcester Country Club, Old Sandwich Golf Club in Plymouth and Belmont CC.

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Tatum doesn’t take golf lessons during the Celtics season, but Boisvert keeps in touch with him year round. Tatum texts Boisvert once in a while to offer him Celtics tickets, usually at the last minute.

“I have to rearrange my whole schedule, but I don’t miss out on those,” the 36-year-old Worcester resident said.

What’s it like teaching an NBA star?

“It’s easy,” Boisvert said. “When you have an athlete who plays at that level, they’re understanding of movements and work ethic, and the process of getting better at something is just better than the average person.”

So who wins when Boisvert and Tatum play golf?

“I crush him,” Boisvert said with a laugh.

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Boisvert said the best score he’s seen Tatum shoot is an 85, but he estimates that the Celtics star has played only 40 rounds in his life. Boisvert’s best round was a 7-under 65 at the Legends Golf Course in Parris Island, South Carolina.

Boisvert carries a handicap of a plus 1.8 even though he plays only about 20 rounds a year. He plays in the qualifiers for the U.S. Open and Massachusetts Open to get a feel for tournament competition and to relate to his students. He hasn’t qualified yet, however, and he’s never wanted to play professional golf.

What is Tatum like on the golf course?

“He’s awesome,” Boisvert said.

Tatum parks his Mercedes Maybach in front of Pin High, but Boisvert said no one has seemed to notice.

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Boisvert also has taught Bruins defenseman Matt Grzelcyk, former Bruins goaltender Tuukka Rask, former Bruins forward Ryan Donato, former Red Sox outfielders Andrew Benintendi and Jackie Bradley Jr., former Celtic forward Grant Williams and former Patriots nose tackle Carl Davis.

Boisvert also taught several members of the Paul Fireman family. Fireman is a former owner of Reebok and owns several golf courses, including Willowbend CC.

Dan Boisvert

Dan Boisvert of Pin High Golf in Massachusetts. (Photo: Bill Doyle/Special to the Telegram & Gazette)

Boisvert said he doesn’t ask his famous students for autographs or photos, and he thinks that’s one of the reasons they continue to see him.

Boisvert grew up on Chester Street in Worcester and graduated from Holy Name High School in 2006. He pitched, played shortstop and majored in criminal justice at Anna Maria College, but left after his sophomore year and moved to Hilton Head, South Carolina, to try to make a career out of golf.

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That was quite a leap of faith for someone who played golf only about twice a year until the previous summer.

“I just took a huge risk,” Boisvert said. “My dad (Paul) was very supportive. My mom (Nancy) was nervous.”

He got hooked on the game that summer after his freshman year of college while lowering his average score from 95 to 75 at such courses as Wachusett CC and Kettle Brook GC. He’d hit about 300 balls three days at Wachusett, Tatnuck Driving Range or Auburn Driving Range.

While working towards a two-year degree in golf management at the University of South Carolina Beaufort, Boisvert volunteered at anything golf-related he could find. He assisted a junior golf academy conducted by Hank Haney, Tiger Woods’ former coach, and offered his services to Andrew Rice, another renowned golf instructor. He helped run junior golf tournaments, he was a starter and a rules official, and he marked up courses before tournaments. He wasn’t paid anything, but he learned a lot about golf.

After earning his degree, he went to work for Bill McInerney at McGolf driving range in Dedham for three years. There he spent time with Tom Brady’s sons Benny and Jack. The Patriots great would hit balls to the side and sometimes he’d ask Boisvert to critique his swing.

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“He was always more worried about his kids than himself,” Boisvert said, “which I thought was great. Super focused on what the kids were doing and them having fun.”

Then Boisvert worked at McInerney’s KOHR Golf Center for seven years before he opened Pin High Golf in the former Trek Stop Bicycles shop two years ago.

Boisvert taught many top golfers from the Boston suburbs, and they followed him to North Grafton. He figures his average student has been with him for eight years. Among his many students are 37 in college and 50 or 60 in high school. The college students include the last two Worcester County Amateur champions, Weston Jones, a Rutgers junior from Sudbury, and Sean Magarian, an Assumption senior from Worcester, as well as Matt Quinn, a Lehigh freshman from Holden.

Ever since he began working at McGolf, Boisvert has taught reigning New England Amateur champion Joey Lenane, a Dedham resident and North Carolina State junior who tied for eighth in the ACC championship last Sunday.

He also teaches Shannon Johnson, the Norton resident who won the 2018 U.S. Women’s Mid-Amateur and captured the Mass Golf Women’s Player of the Year for the fifth time last year.

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“I just want to work with people who are committed to getting better,” Boisvert said. “If they’re just coming in to do a one-off, it’s not really for me.”

Boisvert spent about $150,000 to renovate the building and install two Trackman golf simulators on the first floor and 1,500-square feet of chipping and putting space on the second floor. He even hung a basketball hoop a few weeks ago. Tatum hasn’t seen the hoop yet, but he is aware of it.

“I’m sure he will get a few shots off next time he’s in,” Boisvert said.



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Second Massachusetts Town Spurns State TOD Zoning Mandate

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Second Massachusetts Town Spurns State TOD Zoning Mandate


According to the Patriot Ledger, voters at a town meeting in Marshfield, Massachusetts (pop. 25,905), rejected a proposed plan that would pave the way for transit-oriented development. The proposal to rezone 84 acres to allow multifamily housing would have brought the town into compliance with the statewide MBTA Communities Act, which requires “177 towns and cities across Massachusetts designate at least one zoning district within a half mile of public transportation that allows for multifamily housing by right,” reports Hannah Morse.

Marshfield residents’ rejection of the state mandated zoning change comes two months after voters in Milton, Mass. (pop.  27.003) revoked their previously approved zoning changes, which prompted the state to sue the town and cancel a $144,800 grant for a local seawall.

Marshfield has until December 31, 2024 to submit plans to the state that zone for a minimum 1,185 units, or 10 percent of its housing stock (Milton’s deadline was the end of last year), but Morse reports that Marshfield Town Counsel Bob Galvin told residents in advance of the vote that he believes the state will sue immediately and that their case could be combined with Milton’s.

“If you’re expecting them to rule that this state law is illegal, I think, being candid with all of you, we’re likely to be unsuccessful,” Galvin told town meeting attendees. 

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Saturday’s high school scores from Massachusetts

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Saturday’s high school scores from Massachusetts


BASEBALL

Austin Prep 14, Hamden Hall 5

BC High 15, Falmouth 7

Carver 4, Nantucket 1 (Game 1)

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Carver 7, Nantucket 4 (Game 2)

Cathedral 22, New Mission 21

Greater Lawrence 10, Northeast 4

Hamilton-Wenham 8, Amesbury 3

Lowell Catholic 6, Dover-Sherborn 5

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Manchester Essex 12, Rockport 7

Minuteman 11, Muniz 1

Monomoy 11, Nantucket 0

Newburyport 9, Essex Tech 6

Norwell 6, Plymouth South 4

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Rockland 11, Hull 9

St. Mark’s 3, Belmont Hill 0

Scituate 9, Silver Lake 4

Tabor 9, BB&N 8 (9i)

Tewksbury 9, Winchester 1

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Triton 2, Pentucket 0

Westford Academy 20, Billerica 2

BOYS LACROSSE

Brookline 10, Cambridge 9 (2ot)

Concord-Carlisle 6, Newburyport 5

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Dracut 4, Grafton 2

Hingham 8, Pinkerton Academy 4

Lincoln-Sudbury 13, Marshfield 6

Malden 10, Lowell 2

Manchester-Essex 11, Triton 9

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Natick 12, Wayland 8

Nantucket 14, Bishop Stang 1

Needham 16, Bridgewater-Raynham 4

Norwell 20, Hull 1

Portsmouth Abbey 18, Berwick 3

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Quincy/North Quincy 21, Somerville 6

Scituate 9, Nauset 5

St. John’s Prep 14 Billerica 8

St. John’s Shrewsbury 15, Shrewsbury 2

Weston 14, Masconomet 9

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Whitman-Hanson 9, Barnstable 6

GIRLS LACROSSE

Bedford 15, North Reading 1

Beverly 17, Bishop Fenwick 3

Central Catholic 14, Wellesley 12

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Greater Lowell 11, Monty Tech 4

Lowell 14, Malden 8

Nantucket 17, Dennis-Yarmouth 3

Nauset 8, Martha’s Vineyard 4

Noble & Greenough 17, St. Mark’s 5

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North Quincy 12, Sharon 8

Westford Academy 13, Andover 12 (ot)

SOFTBALL

Atlantis Charter 20, Nantucket 8

Central Catholic 3, Amesbury 0

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English 24, Mashpee 13

Lexington 11, Andover 10

Middleboro 5, Greater New Bedford Voke 2

Milton Academy 9, Lawrence Academy 0

Newton North 7, Wakefield 6

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Norwell 10, Cohasset 9

O’Bryant 19, English 3

O’Bryant 13, Martha’s Vineyard 7

BOYS TENNIS

Andover 5, North Andover 0

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Lowell Catholic 3, Tyngsboro 2

Martha’s Vineyard 4, Nantucket 0

GIRLS TENNIS

Masconomet 3, Marblehead 2

Nantucket 4, Martha’s Vineyard 1

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Thayer 9, Tabor 0



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