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The 1,249-unit portfolio was acquired on behalf of a programmatic JV with a pension plan.
Four have already begun the conversion process.
The Canadian firm Hennick & Co. acquired the property.
The 25-building portfolio was the largest industrial deal in the state last year.
This is the largest office lease in the US for the year, according to the owners.
The luxury retailer paid $410 millioncfor 720 Fifth Ave.
The luxury retailer has been leasing the building since 1997.
The bank's entity paid $1.1 billion for a 20% equity interest in a $9 billion portfolio.
European co-owner Signa Holding needs the cash, according to the Financial Times.
Phase 1 of the lab development campus is 52% leased to Astellas Pharma.