The first phase of development will consist of an East Tower totaling approximately 320,000 square feet, followed by a West Tower totaling approximately 420,000 square feet, according to Pasadena, CA-based Alexandria Real Estate Equities. The project is ultimately expected to create as many as 2,000 new jobs for bioscience professionals, according to a release. It will occupy 3.5 acres in Midtown South between East 28th and 29th streets and First Avenue and Franklin D. Roosevelt Drive.

C&W executive director William Hartman, who is leading the marketing and leasing team on the assignment, says in a release that the project "is certain to become one of North America's most desired destinations for life science companies at all stages of development." He adds that it will combine New York City's "deep talent pool, global presence, unmatched 24/7 amenities and resources with Alexandria's extensive life science experience and expertise in developing life science clusters."

Last January, Real Estate New York reported that it was a proximity to the city's wealth of medical institutions that helped to attract Alexandria, a developer long active in biotech clusters across the US. In addition, "The city and state's willingness to try something out of the box to establish a biotech center was a major factor" in persuading Alexandria to submit a proposal, Joel S. Marcus, the REIT's chairman and CEO, told RENY at the time. Lenzie Harcum, vice president for biosciences at the New York City Economic Development Corp, said in January that the Bloomberg administration made life sciences a priority.