JV Breathes Life into NYC Science Lab
- Aug 21, 2017
Shortly after acquiring a majority stake in the former “The Movie Lab” building, Silverstein Properties partnered with Taconic Investment Partners to open a new life science lab in Midtown Manhattan. The project will be named the Hudson Research Center and comprises an existing 330,000 square feet of space and a future 150,000-square-foot additional lab space.
The building is located at 619 W. 54th St., and currently houses the New York Stem Cell Foundation’s headquarters—a newly developed, 40,000-square-foot research institute that opened in April. The existing building already provides a series of amenities that will facilitate the center’s creation, such as 33,000-square-foot floor plates, strong electrical capacity, emergency generators, high floor loads, high ceilings and a 10,000-square-foot meeting and lecture hall.
New life sciences hub
The research institute is part of a 330,000-square-foot, 10-story structure that features a refurbished lobby and common areas, gated parking, new bike storage and showers. The joint venture plans to invest $20 million in order to bring the facility to higher standards, providing the needed support for life science companies of all sizes. The building is located adjacent to De Witt Clinton Park and overlooks the Manhattan skyline and Hudson River.
“New York City has all of the assets to become a major life science hub, including world-class medical research institutions, a depth of research talent, presence of big pharmaceutical companies and venture capital, and with recent life science initiatives launched from both New York City and New York State, we feel New York is poised to join cities like Boston and the San Francisco Bay Area as the next big research cluster,” Taconic Vice President Matthew Weir said in a prepared statement. “We are offering lab-ready space to a severely supply-constrained market and when combined with the New York Stem Cell Foundation facility in the building, we have the beginnings of a dynamic new life science hub.”
The owner selected Transwestern Consulting Group to handle the leasing and marketing efforts for the property.
Image courtesy of Silverstein Partners