The life Science Real Estate (LSRE) market, which saw transaction activity slow measurably since establishing a near term peak in 2021, is showing signs of picking up. After $19.7B traded in 2021, transaction activity has slowed each year after and has established a current bottom in 2025 with just $3.8 billion traded.
But activity appears to be picking up. So far in 2026 (through mid-February), 6 properties comprising 1.9 million square feet have traded for roughly $850 million. Here are a few of the transactions that have closed so far.
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), announced the sale of a 352,000-square-foot pharmaceutical manufacturing and distribution facility in New Albany, Ohio. MSREI sold the property for $88 million. The property was sold to Hims and Hers (NYSE: HIMS) , and HIMS has since announced a $200 million expansion to the facility. Check out the property here: https://data.revistalab.com/Property/810042.
32FIFTH LLC, an entity associated with former Phoenix Suns owner Robert Sarver, paid $50 million for the newly constructed life science property, 222 Fifth in Seattle WA. The property is assessed in 2025 by King County for $166.8 million. At the time of sale, CBRE was marketing almost 200,000 square feet of available space.
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