Alexandria to build 550K sf life-sciences tower at East Side campus

REIT inks deal with the city to move forward on third building

New York /
Oct.October 18, 2018 04:10 PM

John Cunningham and the Alexandria Center for Life Science campus at 430 East 29th Street (Credit: Cooper Union and Startup Columbia)

Alexandria Real Estate Equities reached an agreement with the city that allows the company to move forward with plans for a 550,000-square-foot tower at its East Side life-sciences campus.

The California-based real estate investment trust announced Thursday that it signed an amendment allowing it start development on the north tower at its 1.3 million-square-foot campus along the FDR Drive between East 28th and East 30th streets.

The deal increases the size of the north tower – the third building on the site – from the originally planned 420,000 square feet to 550,000 square feet. It could cost around $700 million to build, according to Crain’s.

John Cunningham, Alexandria’s director for the New York City region, said the north tower will be “designed to meet the needs of early-stage companies spinning out of world-class academic and medical institutions, which comprise the majority of demand in New York City.”

Mayor Bill de Blasio’s administration has pushed to make the city a hot spot for the biotech and life-sciences sectors, which are booming in places like Boston. Earlier this week, the Long Island City Partnership released a report pitching the Queens neighborhood as an ideal place for a hub.

Alexandria last week bought a Long Island City building for $75 million, which it plans to convert to life-science and biotech uses.

Earlier this year, the company teamed up with David Werner to buy Pfizer’s Midtown East headquarters for $365 million.


Related Articles

arrow_forward_ios
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
arrow_forward_ios

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

Loading...