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New York

Investment firm to back East Side biotech incubator

Accelerator Group to invest more than $30M in Alexandria Center for Life Sciences

From left: Accelerator CEO Thong Q. Le and 450 East 29th Street
From left: Accelerator CEO Thong Q. Le and 450 East 29th Street

The Alexandria Center for Life Science is looking to attract more biotech startup tenants to its 700,000-square-foot campus at 450 East 29th Street, and now it has the financial backing to do just that.

Seattle-based investment firm Accelerator Group plans to invest more than $30 million from a $51 million funding round to create biotech startups at the Alexandria Center, the Wall Street Journal reported. The campus, located between First Avenue and FDR Drive, has attracted research tenants such as Roche, New York University and Pfizer, but the focus on incubating startups is new.

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“Bringing the accelerator is another important piece of the puzzle,” Seth Pinsky, executive vice president at RXR Realty, told the Journal. “When scientists have important ideas for a new business, now they will be able to start them within the five boroughs.”

In addition, Accelerator Group will expand its presence at the Alexandria Center, where it currently has labs and shared office space, the newspaper reported. The company told the Journal it will help startups develop their businesses so they can focus on the science. [WSJ] — Tom DiChristopher