Posted Feb 1, 2024, 2:58 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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This is good news…
https://www.bisnow.com/national/news...izer-hq-122646
Alexandria To Push Ahead With Asset Sales, Starting With Former Pfizer HQ
January 30, 2024
Quote:
On the heels of a challenging year for life sciences, Alexandria Real Estate Equities is pushing forward with plans to sell some of its properties, the continuation of a strategy that has helped the firm narrow its focus on its so-called megacampuses and the revenue they generate.
Alexandria will continue its extensive property sales and asset recycling program, which yielded $1.4B in 2023 as well as $461M in total impairment charges. Among the sales will be a 42nd Street asset in New York City, acquired in 2018 and leased to Pfizer through mid-2024, Chairman Joel Marcus said during the company’s Q4 earnings call Tuesday.
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https://finance.yahoo.com/news/q4-20...104536009.html
Quote:
Joel S. Marcus
…..And finally, before I turn it over to Peter to comment on a range of critical issues. I want to comment on the sale of our 42nd Street asset in New York City, leased to Pfizer through midyear 2024. They previously vacated and moved their headquarters to another site in New York City. We made a strategic decision not to go forward with the contemplated redevelopment of that building to in part to state and local to challenging state and local governmental policies.
We also had a somewhat similar but not on the scale reaction back a number of years ago and our successful reduction in our footprint in the city of San Francisco. We have created and grown the commercial life science lab space market in New York City. When we delivered our East Tower and our ACLS mega campus back in 2010, there were only essentially 2 companies of any significance that we're doing commercial life science research in New York City, many academics but no -- virtually no commercial.
Today, there are over 100, but New York City, the life science market there remains here 14 years later, still a small start-up market. And we believe that by focusing on our ACLS New York City mega campus. That's the best way for us to continue to be successful. And we have taken this disciplined action out of an abundance of prudence.
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Quote:
Marc E. Binda
….. The New York project Joel mentioned was acquired in 2018 as a covered land project with a leaseback and in-place cash flows. But in the fourth quarter, we elected not to proceed with the conversion project and this is now under contract and expected to be sold next year.
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