Alexandria Real Estate Equities has acquired 47-50 30th Street in Long Island City from Prestone Realty’s Robert Adler for $25 million. The single-story warehouse spans 52,500 SF, and features 59,466 SF of unused development rights.
- Be Smart: The property sits across the street from Alexandria’s 30-02 48th Avenue, which it acquired for $75 million this past October… The firm is renovating the former warehouse to attract office and lab space for science and technology tenants.
- Life Sciences Galore: Alexandria also acquired 219 East 42nd Street (350,000 SF) earlier this year, according to TRD. When Pfizer’s lease expires in five years, they will deploy a similar strategy with the office property. The REIT is also planning a 550,000 SF tower at its life-sciences campus at 430 East 29th Street.