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Alexandria Real Estate

$127.95

-0.09 (-0.07%)

08:32
07/13/18
07/13
08:32
07/13/18
08:32

Alexandria Real Estate buys 219 East 42nd Street for $203M

Alexandria Real Estate Equities announced it has acquired 219 East 42nd Street for $203M on a fee simple basis, through a membership interest in the purchasing entity 219/235 East LLC. As part of the transaction, 219/235 East LLC leased back 219 East 42nd Street on a triple net basis to Pfizer Inc., which announced earlier this year plans to relocate its global office headquarters to Manhattan's Hudson Yards neighborhood in 2022. Ideally located in the heart of Manhattan's East Side Medical Corridor with critical adjacency to New York City's renowned academic and medical institutions, the acquisition of this approximately 350,000 RSF, 10-story office building represents significant and immediate net operating income growth with a strong yield from an investment-grade tenant. Upon expiration of the lease, this highly sought-after asset will provide Alexandria with the opportunity to increase cash flows through conversion and redevelopment into office/laboratory space.

  • 30

    Jul

ARE Alexandria Real Estate
$127.95

-0.09 (-0.07%)

12/04/17
BOFA
12/04/17
UPGRADE
BOFA
Buy
Alexandria Real Estate upgraded to Buy from Neutral at BofA/Merrill
12/04/17
12/04/17
UPGRADE
Target $141

Buy
Alexandria Real Estate upgraded to Buy on strong fundamentals at BofA/Merrill
As previously reported, BofA/Merrill upgraded Alexandria Real Estate to Buy from Neutral and raised its price target to $141 from $133. Analyst James Feldman said new supply has already flattened and Alexadria's markets remain strong. He estimates above average growth in 2019 and said the company believes it can double portfolio revenues over the next five years through internal growth and development.

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