Jamestown Properties has signed up biopharmaceutical firm Intercept as a new tenant at the Milk Studios building, a 281,000-square-foot, eight-story office property bordering the High Line in the Meatpacking District.
Intercept, which develops medicine to treat chronic liver disease, agreed to a 10-year, 11,124-square-foot lease for part of the fifth floor at 450 West 15th Street between Ninth and 10th avenues. The deal includes a commitment to expand by 9,500 square feet next year. Rent starts in the low-$70s per square foot in the second year, after one year of free rent.
Newmark Grubb Knight Frank managing director Kyle Ciminelli represented Jamestown, while Studley’s Cory Gahr represented the tenant, the New York Observer reported. Intercept will relocate from 18 Desbrosses Street in Tribeca.
Jamestown closed on its $295 million purchase of the building from Laurence Gluck’s Stellar Management in January, as The Real Deal reported. [NYO] — Mark Maurer