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lexandria Real Estate Equities has sold a lab property in Northern Virginia for $80.5 million, nearly three times its latest assessed value. The buyer is an affiliate of New York-based New Mountain Capital, which acquired the 248,186-square-foot building at 14225 Newbrook Drive in Chantilly from Alexandria. The sale price exceeds the property's most recent appraisal by almost $50 million.

    The lab, built in 1991, has Quest Diagnostics as its sole tenant and was acquired by Alexandria in 1997 for $32 million. CEO Peter Moglia described the property as a "workhorse asset" that no longer fits into the company's strategy during the REIT's third-quarter earnings call.

    Alexandria is focusing on shedding non-core assets to concentrate on life sciences "mega-campuses," such as its Alexandria Center for Life Science – Shady Grove complex in Rockville, Md. The sale of this property is part of a larger effort to divest $1.5 billion worth of properties this year, following the sale of $1.3 billion in non-core assets last year.

    The REIT reported an 11% boost in revenue for the third quarter compared to the same period last year, with most of that revenue coming from its mega-campus portfolio. Leasing volume also reached its highest level since the end of 2022.