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Alexandria Real Estate President And CFO Resigns

Dean Shigenaga, front left, with Alexandria's executive team at the New York Stock Exchange on May 16, 2022.

Dean Shigenaga submitted his resignation from his roles as president and chief financial officer at Alexandria Real Estate Equities on Wednesday. 

Shigenaga, whose resignation will be effective Sept. 15, cited "personal family health reasons," the REIT said in a filing with the Securities and Exchange Commission. The life sciences giant's board of directors elected Marc Binda to fill the roles of chief financial officer and treasurer.

"Marc has been Dean’s right hand for much of Marc’s career so we expect the transition to be flawless," Alexandria CEO Joel Marcus said in an emailed statement to Bisnow. "Marc has helped lead, among many things, our fortress balance sheet strategy and our recent accordion line of credit $1bil addition."

Shigenaga will stay with the company in a strategic consulting role, Marcus said. A new president hasn't been named, but Marcus said the board plans to elect one before Sept. 15.

Shigenaga served as president since January 2021 and chief financial officer since December 2004, according to the company's website. Among previous roles, he served as co-president, treasurer and executive vice president since starting at Alexandria in 2000.

In his time at Alexandria, Shigenaga helped the company earn its credit ratings from S&P Global Ratings and Moody’s Investors Service, according to the filing. He also led the company's issuance of green bonds collecting $3.2B since 2018.

Binda will fill the role of CFO on Sept. 15 after serving as executive vice president of finance and treasurer since June 2019. Prior to joining Alexandria, Binda worked as the financial reporting manager at Watt Centro Management JV.

In the second quarter, Alexandria's revenue rose 11% despite a national slowdown in life sciences demand. The company has been culling its portfolio with sales. In June, Alexandria sold multiple properties in the Boston region, including part of a Fenway lab redevelopment and five lab buildings in Cambridge and Waltham, Massachusetts, to Alloy Properties.