Nestle Skin Health signs lease at Alexandria Center for Life Science

Swiss company will take up 30,400 square feet at the sprawling Kips Bay complex

TRD New York /
Jul.July 06, 2015 06:20 PM

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.

Related Articles

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Who needs New York? Garden State multifamily portfolio trades for $146M

How much for that CVS building? In Greenwich, the price is $30M

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Real estate tech investor Fifth Wall launches $500M fund

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

This Westchester development site just hit the market seeking nearly $30M