Alexandria JV Acquires Pfizer's HQs for $363.5M

219 E. 42nd St.,/Google maps

NEW YORK CITY—A joint venture Alexandria Real Estate Equities along with David Werner Real Estate, Deutsche Bank and the State of Wisconsin Investment Board purchased Pfizer Corporation’s Manhattan headquarters at 219 E. 42nd St. and 235 E. 42nd St. for a total of $363.5 million, according to Real Capital Analytics. The deal is subject to a partial sale leaseback to Pfizer for at least five years. This gives Pfizer time to remain in its location, until its new space at the Spiral is completed. Tishman Speyer’s 65-story skyscraper at 66 Hudson Blvd. is scheduled to open in 2022.

Alexandria released a statement that it is purchasing 219 E. 42nd St. from Pfizer for $203 million. The pharmaceutical company had made plans to sell both its E. 42nd streets in April, when it signed a lease to move its headquarters to the Spiral in Hudson Yards.