Peter Moglia will become sole CEO of Alexandria Real Estate Equities following the retirement of Stephen Richardson.

Richardson has served as CEO of the publicly traded real estate investment trust alongside Chief Investment Officer and co-CEO Moglia since 2018, according to the San Francisco Business Times. He joined the company in 2000 as its vice president of portfolio services and acted as chief operating officer between 2011 and 2018.

News of Richardson's departure came as Pasadena, California-based Alexandria reported second-quarter net operating income of $1.6B, an increase of 24.3% year-over-year. The company, which invests in offices and labs leased to life sciences and tech companies, executed 2.3M SF worth of leases in Q2, the third-highest leasing volume in company history.

The company also realized rental rate increases of more than 45% in the second quarter, its second-highest quarterly increase, per its earnings report. It has close to 8M SF under construction or breaking ground over the next year and a half, and nearly 80% of that pipeline is pre-leased or in negotiations.

Richardson’s retirement was first announced in a filing with the Securities and Exchange Commission and becomes effective July 31. Founder Joel Marcus said in an email that he will remain executive chairman.