Taconic, Silverstein spend big to turn Far West Side building into life sciences hub

Partners to invest $20M into revamp of 619 West 54th

New York /
Aug.August 16, 2017 09:53 AM

Taconic Investment Partners and Silverstein Properties are spending $20 million to turn the former industrial building 619 West 54th Street into a life sciences center.

The landlords hope the revamp will attract research and pharmaceutical firms from suburban markets like New Jersey, the New York Post reported. The New York Stem Cell Foundation recently inked a 42,100-square-foot lease at the 10-story building and another 150,000 square feet are now being readied for similar tenants.

Taconic bought the 325,000-square-foot building for $112 million in 2012. In February, Silverstein Properties bought a majority stake, valuing the building at more than $180 million. Taconic kept a 10 percent interest.

The property currently includes a Volvo car dealership, which is set to move to the Moinian Group’s apartment tower Sky.

Last month, The Real Deal sat down with the heads of Taconic to discuss the making of the Meatpacking District, Essex Crossing and which deals got away. [NYP]Konrad Putzier 


Related Articles

arrow_forward_ios
Lewis Road Residential Planned Development (Pine Barrens, iStock)
Big golf, resi project in East Quogue approved
Big golf, resi project in East Quogue approved
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
From left: BSA chairwoman Margery Perlmutter, DRAW Brooklyn founder Alexandros Washburn, New York City Council Member Carlos Menchaca with renderings of the project (Photos via the City of New York, LinkedIn and Arquitectonica)
How a Red Hook developer circumvented the City Council
How a Red Hook developer circumvented the City Council
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
arrow_forward_ios

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

Loading...