Activist investor Jonathan Litt, known for shorting major office-owning REITs, is now asserting that life sciences space is as underutilized as standard office space and that valuations are going to suffer as a result.
Litt said Alexandria Real Estate Equities, a major holder of life sciences assets, is going to feel the pinch of empty space, especially as major tenant leases are up for renewal.
Litt’s hedge fund, Land & Buildings Investment Holdings, holds a short position on Alexandria, a fact he confirmed on CNBC on Thursday.
“Alexandria has got a real problem,” Litt said on the network. “There’s about 20% of new space coming…