Asset: Lab/Flex/Industrial
Location: Long Island City, NY
SF: 179,000 SF
Acquisition date: December 2025
Investment Rational: 30-02 48th Avenue, is a 179,000 SF institutional-quality lab and flex/industrial building located in Long Island City, a rapidly growing life-science cluster with strong connectivity to Manhattan. Originally developed as a shared lab campus, the property features high-end infrastructure and flexibility that supports both lab and alternative uses.
The property was acquired at a significant discount to the millions invested by Alexandria since 2018 and well below replacement cost. The acquisition was completed through a joint venture with North River Leerink combining deep local and sector expertise while offering strong downside protection and meaningful upside potential through re-leasing to laboratory users.