(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)
NEW YORK CITY-Following an extensive search throughout Manhattan, the New York Genome Center found its perfect fit in Midtown South. The nonprofit medical research organization inked a 20-year deal for 170,000 square feet inside Edward Minskoff’s 101 Avenue of the Americas in the city's Hudson Square neighborhood, where it will develop a state-of-the-art office/lab facility.
“This deal continues to validate the fact that New York City has become a hub for biotech and life sciences not only nationally, but globally,” says Paul Glickman, vice chairman at Jones Lang LaSalle, who represented the landlord on the deal along with JLL’s Mitchell Konsker, Matt Astrachan, Peter Riguardi, and Jonathan Fanuzzi. “These tenants like the NYGC are attracted to New York City because of all of the benefits and features that the city brings, but also because of the robust intellectual capital base we have, which is unparalleled probably anywhere else in the world.”
Under the terms of the deal, the NYGC will occupy the ground floor and floors 2-7 in the 23-story, 423,000-square-foot postmodern style building. Jonathan Mechanic, a partner at Fried Frank Harris Shiver & Jacobson LLP, represented the NYGC on the transaction, and tells GlobeSt.com that the lease came down to timing. He says that the space came available after labor union 32BJ SEIU recently moved out and relocated to 620 Ave. of the Americas.
“It was a perfect storm of all things coming together,” he says. “They looked at other spaces and they came close to making transactions in other spaces, but Minksoff thought they would be a perfect tenant for the building. And they looked at it, and ultimately, they thought that it was.”
The organization – which already has roots in the city – is now firmly planting them down in SoHo. In Febuary, NYGC began offering sequencing, bioinformatics and data storage services and then expanded the services in mid-2012 through the launch of its pilot lab facilities at Rockefeller University.
Now, the NYGC is planning a $47 million facility build-out that will include sequencing, bioinformatics and research labs and an “innovation center” to advance new technologies and computing infrastructure to handle processing and storage of massive amount of new data. The facility will also include a ground-floor auditorium and caf
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