Jamestown Properties has signed up biopharmaceutical firm Intercept as a new tenant at the Milk Studios building, a 281,000-square-foot, eight-story office property bordering the High Line in the Meatpacking District.
Intercept, which develops medicine to treat chronic liver disease, agreed to a 10-year, 11,124-square-foot lease for part of the fifth floor at 450 West 15th Street between Ninth and 10th avenues. The deal includes a commitment to expand by 9,500 square feet next year. Rent starts in the low-$70s per square foot in the second year, after one year of free rent. [more]