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.
To that end, the city is providing about $13.4 million in capital funds for the project, while the state will kick in $27 million to be used for infrastructure work in connection with the project. Scott Stringer, Manhattan borough president, is contributing $500,000. In addition, the New York City Investment Fund, will provide $10 million in funding to be used for ERSP tenant improvements. The project will also receive about $5.6 million through the New York City Industrial Development Agency, and about $2 million in additional federal funds have also been secured.
Marcus told RENY in January that the project's first phase hopes to attract "small, medium and large" biotech companies along with manufacturers of MET, or microcurrent electrotherapy, devices. The site will also include a glass-enclosed pavilion between the two towers and contain underground parking facilities, a café, a conference center and ground-floor retail space.
Along with Hartman, the C&W team includes EVP Jonathan Serko, senior director Barry Zeller and director David Malawer, all from the Midtown office; C&W's global life science practice consisting of Mark Winters, Christopher Kinum, Thomas Giannone and John Minervini; Marc Packman of the firm's strategic agency services; and the global consulting group comprised of Matthew Jackson and Matthew Highfield.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
