NEW YORK CITY—A biotechnology tenant has moved to Midtown, boosting the sector's existing presence in the submarket.
Taconic Investment Partners and the New York Stem Cell Foundation have signed a multi-year lease for 42,000 square feet at 619 W. 54th Street.
JRT Realty Group, a strategic alliance partner with Cushman & Wakefield, is the exclusive leasing agent for the 10-story, 333,000-square-foot Art Deco commercial property. The firm's Greg Smith, Ellen Israel, and Kristen Morgan represented ownership in the transaction. NYSCF was represented by Stephen Siegel and Gary Kamenetsky of CBRE, while legal representation was provided by Joshua Stein and Lauren Silk of Joshua Stein PLLC.
The tenant, a stem cell research firm, plans to create a new state-of-the-art laboratory and research facility including office space, consolidating its current operations from two sites into one central location. NYSCF leased the entire third floor, spanning 32,512 square feet, and a portion of the second floor at the property.
"As we expand NYSCF to make room for new collaborations and further cutting-edge research we are excited to help develop and strengthen Midtown as a major biotechnology hub," says Susan Solomon, NYSCF CEO and co-founder. "Bringing together our laboratory and office at 619 W. 54th allows us to not only physically grow our footprint, but also expand our technological capacities and programs."
The building is currently home to medical and research tenants such as Roosevelt Surgery Center and the Rogosin Institute. The historic property features 20-foot column spacing and 11.5-foot ceiling heights, overlooking DeWitt Clinton Park.
"Bio-technology is quickly becoming one of the driving forces of the 21st century economy, and we are committed to making New York City the best place in the world for the industry," adds Maria Torres-Springer, president of the NYC Economic Development Corp. "The New York Stem Cell Foundation has long been a linchpin for the sector so it's been a pleasure to help the foundation finance a brand new headquarters in Midtown."
Taconic's modernization initiative at the property includes a recently launched new marketing center and total renovation of the lobby, entrance, and elevators. In addition, the building includes upgraded common areas.
"The building is perfectly suited to accommodate the New York Stem Cell Foundation's variety of uses and the infrastructure required for its new lab and research center," says Paul Pariser, co-CEO of Taconic.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
