Alexandria Real Estate Equities has acquired 30-02 48th Avenue in LIC from Brickman Real Estate and Daniel Loeb for $75 million.
Sound Smart: The former warehouse spans over 141,800 SF, and will be renovated to attract office and lab space for science and technology tenants. Brickman paid $21 million for the building in 2013, and sold a 90 percent stake to Daniel Loeb for $24 million. The sellers spent more than $20 million upgrading the property, according to TRD.
Worth Noting: Alexandria acquired 219 East 42nd Street (350,000 SF) earlier this year. When Pfizer’s lease expires in five years, they will deploy a similar strategy with the office property.