Alexandria Acquires Pfizer-Occupied Office Building in Manhattan for $203M
NEW YORK, N.Y. — Alexandria Real Estate Equities Inc. (NYSE: ARE) has acquired 219 E. 42nd St. in Manhattan for $203 million from Pfizer Inc.
The pharmaceutical giant will lease back the 350,000-square-foot office building on a triple-net basis from an affiliated purchasing entity of Alexandria known as 219/235 East LLC. Pfizer announced plans earlier this year to relocate its global headquarters to Manhattan’s Hudson Yards neighborhood in 2022. Tishman Speyer is currently building the 2.85 million-square-foot, 65-story tower known as The Spiral.
Located in the heart of Manhattan’s East Side Medical Corridor, 219 E. 42nd St. rises 10 stories. Upon expiration of Pfizer’s lease, Alexandria plans to redevelop the property into office and laboratory space.
Pasadena, Calif.-based Alexandria was instrumental in creating the New York City life science cluster through the development of its Alexandria Center for Life Science, which opened in 2010.
Alexandria is an urban office REIT focused on collaborative life science and technology campuses with a total market capitalization of $17.9 billion and a North American asset base of 30.2 million square feet as of March 31.
Alexandria’s stock price closed at $127.96 per share on Thursday, July 12, up from $118.73 per share one year ago.
— Kristin Hiller