[ad_1]
707 11th Ave. is designed to achieve LEED Gold and WELL certifications. Rendering courtesy of The Georgetown Co.
The Georgetown Co. will expand its life science portfolio in Manhattan’s Far West Side with a new, 185,000-square-foot facility. The developer, alongside Beacon Capital Partners, plans to start construction in summer 2024 and bring the property online in 2026.
Georgetown, in partnership with Beacon Capital and CalSTRS, acquired the property at 707 11th Ave. in 2022. According to CommercialEdge data, the partnership bought the asset for $95 million from SL Green, and funded its acquisition with a $60 million loan, provided by ACORE Capital Debt Funds. The site is home to an existing 160,000-square-foot office building, which Georgetown will redevelop.
READ ALSO: Life Science Market to Bounce Back: JLL
Elkus Manfredi designed the upcoming life science facility. The project has also received support from the New York City Industrial Development Agency that’s managed by New York City Economic Development Corp. JLL will serve as leasing broker.
The seven-story facility will include floorplates starting at 31,000 square feet and can accommodate purpose-built laboratory, research and office space for its tenants. Georgetown is also planning to include private terraces and a lobby that’s anchored by a day-to-night cafe and wine bar. Tenants will also have access to the building’s amenities, which include a multipurpose conference facility, shower room, breakout areas and bike storage. The developers are aiming for LEED Gold and WELL certifications, which will be supported by the building’s rooftop solar panels.
NYC’s growing life science hub
Jonathan Schmerin, managing principal at Georgetown, said in prepared remarks that the Far West Side neighborhood is becoming a hub for life sciences investment and research. Along with the upcoming 707 11th Ave., Georgetown previously developed the nearby 787 11th Ave. into a 10-story mixed-use life sciences building. The company redeveloped the building that was originally built in 1929 and has since secured Mount Sinai as an anchor tenant, which has taken up 165,000 square feet. Earlier this month, Mount Sinai opened up its Discovery and Innovation Center at Georgetown’s life science building after signing the lease back in 2021.
While Georgetown has been solidifying its life science presence in Manhattan, the developer’s portfolio also includes other commercial, retail and mixed-use properties across the U.S. In February 2022, Georgetown acquired the Hollywood Media Campus in Los Angeles for $93 million. The 3.5 million-square-foot office campus is fully leased to Netflix.
[ad_2]
Source link
