Movie Lab building transforming into science lab
Tuesday, August 15, 2017
Source: New York Post
The Movie Lab building at 619 W. 54th St. is morphing into wet labs and will change its moniker to the Hudson Research Center.
Owners Taconic Investment Partners and Silverstein Properties are now laying down $20 million to enhance the former industrial building’s infrastructure for use as life science wet lab research space.
With new tenant New York Stem Cell Foundation now open in 42,100 square feet, another 150,000 square feet at the top of the 10-story building is being prepped for more life science users.
After Taconic leased to the Stem Cell Foundation in 2015, it took a “deep dive” into the sector, according to Matthew Weir, vice president of the developer. “The building has the envelope and the ability to add the robust infrastructure,” he said. “We are looking at creating a hub that will have a full spectrum of space sizes available.”
With the upgrades, he says, the building could support life science companies from early stage research firms to those associated with Big Pharma — many of which are in New Jersey — as well as targeted venture capital companies.
Located opposite Clinton Park, the 325,000-square-foot building has plenty of light and air as well as Hudson River views. A new roof-deck for tenants is also in the works.
At the ground level, the current Volvo dealership is scheduled to move to Sky — the luxury building at 605 W. 42th St. — leaving retail and underground space with vehicular entry for a variety of stores, another auto dealer or even “last mile” soft distribution facilities.
Transwestern Consulting Group will market the lab space that rents at a premium over regular offices due to the additional HVAC, drains, filters and other laboratory requirements.
Rents will run about $80 per square foot net with $150 per square foot of tenant improvement dollars coming from the ownership, Weir said, plus the added base building infrastructure.
In December, the city also announced $500 million LifeSci NYC incentives for this sector. Both the City’s Economic Development Corp. and its Industrial Development Agency now have programs targeted to life sciences that include real estate tax reductions, mortgage recording tax waivers, and sales and use tax exemptions.
“It’s a supply-constrained market and we can address that need today,” Weir added.
Jonathan SchifrinVice PresidentTranswestern Consulting Group212.537.7706