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

arrow_forward_ios
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Rich Barton, Howard Lorber, Jay Hennick, Brett White

Real estate firms are raising billions in debt and equity. Here’s why

Real estate firms are raising billions in debt and equity. Here’s why
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

“For years we all laughed at them”: office brokers warm to virtual tours

“For years we all laughed at them”: office brokers warm to virtual tours
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

How to open up our offices on tonight’s TRD Talk

How to open up our offices on tonight’s TRD Talk
Clockwise from top left: Vornado's Steven Roth, Newmark Knight Frank's Barry Gosin, Redfin's Glenn Kelman, SL Green's Marc Holliday, Marriott's Arne Sorenson, Zillow's Richard Barton, Realogy's Ryan Schneider, and Cushman's Brett White

A real estate earnings call season for the ages

A real estate earnings call season for the ages
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...