Alexandria To Unload Former Pfizer Building

Alexandria Real Estate Equities is unloading Pfizer’s former Midtown headquarters before the pharmaceutical giant’s leaseback deal is set to expire.

Alexandria, an owner of offices and laboratories for life science tenants, is under contract to sell the 10-story building at 219 East 42nd Street, according to public documents. The buyer is David Werner, sources said.

Newmark’s Adam Spies, Doug Harmon and Josh King had the listing.

Alexandria bought the building in 2018 for $142 million. Pfizer agreed to a five-year leaseback, giving the company time to relocate to Hudson Yards, and giving the REIT time to mull how to use the building.

Last year, Alexandria indicated that it may redevelop the 350,000 square foot property as laboratory space.

Werner already owns a stake in the building. He teamed up with Deutsche Bank Asset Management and Alexandria to purchase 219 and 235 East 42nd Street in 2018 for $365 million. Morgan Stanley provided Werner and his partners $150 million to finance their purchase. The loan had a five-year term.

Alexandria also developed a massive life-sciences campus in Kips Bay. It also unloaded a building in Long Island City at loss earlier this month, according to Crain’s.

Werner and Alexandria did not respond to requests for comment.