Genomics Firm Leases 170 KSF in Manhattan
- Jul 25, 2012
Edward J. Minskoff Equities Inc. has snagged a major tenant for its 425,000-square-foot office building at 101 Avenue of the Americas in Manhattan. The New York Genome Center signed on for 170,000 square feet of space under a 20-year deal that will spur a big change at the property.
New York Genome Center, which currently makes its home at 590 Madison Ave., will occupy seven floors at the 23-story tower in the Hudson Square area. To accommodate the independent non-profit genomics center’s growing needs, Minskoff will essentially create a building within a building by means of a $47 million build-out.
Upon completion of the construction endeavor, the Genome Center’s facility will encompass laboratories, administrative offices and its Innovation Center, as well as a ground-floor auditorium and café and training facilities. Additionally, the space will feature a state-of-the-art computing infrastructure provided through Sabey Data Centers’ 1 million-square-foot Intergate.Manhattan facility at 375 Pearl Street.
Minskoff has been envisioning a new life for 101 Avenue of the Americas for a few years, spurred by last year’s departure of long-time tenant Service Employees International Union. For the Genome Center, which was represented by Jones Lang LaSalle Inc., the move is part a plan to create one of the largest and most prominent genomic facilities in North America. The organization will be able to take occupancy in its new space in mid-2013.
The transaction underscores New York City’s stature as a life sciences hub. Demand for premier office and lab space for users in the industry is on the rise. “The immediate future for the life sciences industry is bright in the New York/New Jersey area with only a handful of tenants’ leases expiring within the next couple of years,” according to a report by Jones Lang LaSalle. “Many of the large pharmaceutical companies that have been looking for new addresses will remain in the local area. With the majority of the consolidations now passed, and the economy slowly growing, some companies should begin to add jobs into 2013.”