Developers Taconic Investment Partners and Silverstein Properties are spending $20 million to renovate the 326,861-sf Movie Lab building in Midtown Manhattan for life science research usage.
The New York Post reports that the Stem Cell Foundation has leased 42,100 sf in this building since 2015. Another 150,000 sf on the top floors of this 10-story building are being upgraded to attract more life science tenants. The building reportedly is changing its name to the Hudson Research Center.
Transwestern, which is marketing this lab space for the developers, has released a special report that portrays New York City as an emerging life sciences hub, where space is tight and development opportunities are multiplying.
New York is already a significant player in this field, by virtue of being home to 11 major academic medical centers, including Weill Cornell Medical College and Albert Einstein College of Medicine. The city also has three of the country’s top 15 hospitals and five of the top 50 medical schools, according to U.S. News and World Report’s latest report card.
New York City is already a leader in life sciences employment and, more recently, available funding. Image: Transwestern
The city also one of the country’s highest concentrations of life-science employees, accounting for one-fifth of the total employment in this sector within the top 10 life science markets.
The problem is shortage of lab space. Transwestern estimates that 100% of the city’s 1.7 million sf of existing life science and research space is occupied. And until recently, New York’s zoning restrictions made it particularly tough for life science companies to build lab space within manufacturing districts—M Zones—that restrict chemical compounding and packaging, the creation of pharmaceutical products and medical appliances, laboratories, research, experimental and testing facilities.
But over the past year or so, market and regulatory changes have made development more conducive for lab science expansion.
Indeed, recent lease transactions have included 49,143 sf at 10 Hudson Yards for Intercept Pharmaceuticals, 30,000 sf at 101 Avenue of the Americas for JLABS (division of J&J Innovations), 19,645 sf at 100 Wall Street for Integra Partners, 11,865 sf at 600 Third Avenue for Turing Pharmaceuticals, and 11,537 sf at 25 West 45th Street for Crossover Health.
More investment capital and funding are flowing into the city for this sector. Out of the $31.3 billion in National Institutes of Health funding awarded nationally in 2016, the New York metro area received $2.7 billion in NIH grants. New York City alone was awarded $1.4 billion, ranking it the second-highest funded city in the country.
More dollars from the National Institutes of Health are flowing into New York State and, particularly, New York City. Image: NIH/Transwestern
Last December, New York Governor Andrew Cuomo unveiled a state-funded life science initiative that includes $250 million in tax incentives for new and existing life science companies, $200 million in state capital grants to further support investment in wet-lab and innovation space, $100 million in investment capital for early stage life science initiatives, and a state match of at least $100 million for operating support from private sector partnerships.
New York City Mayor Bill DiBlasio also has launched a program called LifeSci NYC, which will include a $100 million investment to create a new applied life science campus, $50 million to expand a network of life science R&D facilities, $10 million to expand the network of incubators, $20 million a year in matching funds to support early-stage businesses, and $300 million in tax incentives for commercial lab space.
On the zoning front, in December the Departments of Buildings (DOB) and City Planning (DCP), and the Economic Development Corporation (EDC) issued a clarification memo updating their interpretation of the zoning in the several commercial districts.
The city agencies and the EDC, says Transwestern, “broadened their understanding of the current use group 9A zoning to also include the “synthesis and manipulation of chemical substances, biological matter, and animal models … [that] are integral activities in commercial medical laboratories devoted to research and testing.”
Already, new research and lab spaces are popping up. The Cornell Tech campus on New York City’s Roosevelt Island just opened its first phase. And the 1.17-million-sf Building 77 at the Brooklyn Navy Yard is undergoing a $185 million renovation that could attract lab tenants.
Related Stories
Standards | Jun 26, 2023
New Wi-Fi standard boosts indoor navigation, tracking accuracy in buildings
The recently released Wi-Fi standard, IEEE 802.11az enables more refined and accurate indoor location capabilities. As technology manufacturers incorporate the new standard in various devices, it will enable buildings, including malls, arenas, and stadiums, to provide new wayfinding and tracking features.
Engineers | Jun 14, 2023
The high cost of low maintenance
Walter P Moore’s Javier Balma, PhD, PE, SE, and Webb Wright, PE, identify the primary causes of engineering failures, define proactive versus reactive maintenance, recognize the reasons for deferred maintenance, and identify the financial and safety risks related to deferred maintenance.
University Buildings | Jun 14, 2023
Calif. State University’s new ‘library-plus’ building bridges upper and lower campuses
A three-story “library-plus” building at California State University, East Bay (CSUEB) that ties together the upper and lower campuses was recently completed. The 100,977-sf facility, known as the Collaborative Opportunities for Research & Engagement (“CORE”) Building, is one of the busiest libraries in the CSU system. The previous library served 1.2 million visitors annually.
Higher Education | Jun 14, 2023
Designing higher education facilities without knowing the end users
A team of architects with Page offers five important factors to consider when designing spaces for multiple—and potentially changing—stakeholders.
University Buildings | Jun 9, 2023
Cornell’s new information science building will foster dynamic exchange of ideas and quiet, focused research
Construction recently began on Cornell University’s new 135,000-sf building for the Cornell Ann S. Bowers College of Computing and Information Science (Cornell Bowers CIS). The structure will bring together the departments of Computer Science, Information Science, and Statistics and Data Science for the first time in one complex.
Student Housing | Jun 5, 2023
The power of student engagement: How on-campus student housing can increase enrollment
Studies have confirmed that students are more likely to graduate when they live on campus, particularly when the on-campus experience encourages student learning and engagement, writes Design Collaborative's Nathan Woods, AIA.
K-12 Schools | May 30, 2023
K-12 school sector trends for 2023
Budgeting and political pressures aside, the K-12 school building sector continues to evolve. Security remains a primary objective, as does offering students more varied career options.
K-12 Schools | May 22, 2023
The revival of single-building K-12 schools
Schools that combine grades PK through 12 are suddenly not so uncommon. Education sector experts explain why.
K-12 Schools | May 17, 2023
Designing K-12 schools for students and safety
While bullying, mental health, and other acts of violence are all too common in schools today, designers have shown that smart and subtle preventive steps can make a big difference. Clark Nexsen’s Becky Brady shares how prevention and taking action at the design level can create safe and engaging learning environments.
University Buildings | May 17, 2023
New UC Irvine health sciences building supports aim to become national model for integrative health
The new College of Health Sciences Building and Nursing & Health Sciences Hall at the University of California Irvine supports the institution’s goal of becoming a national model for integrative health. The new 211,660-sf facility houses nursing, medical doctorate, pharmacy, philosophy, and public health programs in a single building.