Far West Manhattan receives a new life science facility. Georgetown Co. redeveloped a 200,000 square foot property to create a laboratory, research, clinical and biomedical facilities. The property is already fully leased to Icahn School of Medicine at Mount Sinai and designer, scientist and inventor Neri Oxman.
Georgetown bought the site in 2015 in partnership with Bill Ackman, Arnold Schwarzenegger, LeBron James and Jimmy Iovine of Pershing Square Capital Management after identifying the demand for life science facilities in the submarket. It did $ 100 million in renovations and redevelopment of the existing facility to accommodate life science tenants. The redevelopment included the addition of 60,000 square foot floor plates and generous ceiling heights to accommodate specialized laboratory and mechanical equipment. The property also has natural light around the entire perimeter of the building. It is one of the largest life sciences campuses in New York City, according to Georgetown.
Mount Sinai’s Icahn School of Medicine will be the mainstay of the property, occupying 165,000 square feet under a long-term lease. The rental transaction is one of the most important so …
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