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Old Posted Oct 22, 2018, 7:08 PM
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chris08876 chris08876 is online now
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Smile NEW YORK | Alexandria Center Tower #3 | FT | FLOORS

Alexandria will add $700 million tower to meet growing demand for lab space

The developer of a large life sciences campus on Manhattan's east side has reached an agreement with the city to raise a third and final tower on the site that could cost $700 million or more to build.

Alexandria Real Estate Equities and the city's Economic Development Corporation announced jointly on Thursday that as part of the deal, Alexandria will increase the size of the proposed life sciences building to about 550,000 square feet. Alexandria originally planned to erect a roughly 420,000 square foot property on the parcel.

The building, which Alexandria said it will begin raising in 2020 and finish by 2022, will be the third property at the Alexandria Center for Life Science, a bio-tech campus at East 29th Street between First Avenue and FDR Drive. The Pasadena-based company, erected two buildings on site in recent years that together total about 730,000 square feet of lab, office, event and restaurant space.

The developer has filled those properties with a collection of life sciences tenants, including large pharmaceutical companies such as Bristol-Myers Squibb and Roche as well as smaller research firms and start ups. Joel Marcus, the executive chairman and founder of Alexandria, said that several of the over 50 existing tenants at the campus needed to expand and would take space in the new project, providing enough demand to proceed with the development.

"We have demand from existing tenants so we don't have to worry about finding an anchor tenant anymore," Marcus said. "With this agreement, the project will now move forward with rapid speed."

James Patchett, president and CEO of the EDC, said in a statement that the new building would house 1,500 jobs and would build "on the growing momentum of the city's life science cluster."

Alexandria has been cautious about growing its pipeline of lab space, even as real estate experts predict that the life sciences industry will rapidly expand in the city just as the tech industry has. Marcus said the company labored to fill the first tower, which it built on speculation in 2010, and only raised the second property in 2013 after it signed a lease with Roche to anchor it.

"There's not lines for lab spaces in New York City yet like there is in places like Cambridge," Marcus said.

But demand is picking up, especially among start up firms, Marcus said.

"There's been about $750 million in venture capital that have gone into firms here in the last few years," Marcus said, noting that Alexandria has been responsible for about $200 million of that investment through its venture capital arm. "It's a long gestation process for the industry to gain a foothold here but we're making fabulous progress."
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Old Posted Jan 16, 2020, 4:04 PM
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