Nestle Skin Health inked a 16-year lease for 30,400 square feet at the Alexandria Center for Life Science in Kips Bay.
The Swiss skincare company announced it will use the space at 450 East 29th Street, its first New York location, as an “innovation hub” for research, development and education.
CBRE’s John Isaacs represented Nestle, while Cushman & Wakefield represented the landlord, Alexandria Real Estate Equities. “It was very important (to Nestle Skin Health) that they were part of the life-science ecosystem, and the life-science ecosystem today is primarily in the Alexandria Center for Life Science,” Isaacs said. He added that the company received a tax break from the Empire State Development Corporation.
“This move will drive innovation and create endless opportunities for impactful collaborations,” said John Cunningham, senior vice president of Alexandria Real Estate Equities.
The sprawling, 700,000-square foot complex already houses another Swiss company, pharmaceutical giant Roche, which in 2012 signed an 11-year lease.
With the latest deal, Alexandria Real Estate Equities claims to have leased out more than 1.9 million square feet throughout its portfolio in the second quarter alone – a company record. The REIT, which develops and owns urban science campuses, has a market capitalization of $11.3 billion.