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With the state and municipal government, developers are construction laboratories for medical studies and incubation spaces for new biotechnology companies as a component of the coronavirus vaccine race.
By Jane Margolies
The coronavirus pandemic, which paid more attention to health care and sparked a stormy run for a Covid-19 vaccine, also has a greater interest in genuine life sciences in New York.
The city had tried to catch up with other life sciences powers such as Boston, San Diego and San Francisco. Real estate corporations, with government support, had built advertising laboratories for medical researchers, incubators for new biotech companies, and offices for pharmaceutical corporations in a position to market new drugs.
In addition, investor financing is pouring into such projects at a time when the city market is affected by house paint closures and orders. hiring fell by about 1%, according to Newmark, a real estate advertising consulting firm.
Develoconsistent agents are getting on the life sciences train, which has emerged as a positive in a dubious symbol of real advertising ownership. According to a report through CBRE, a genuine real estate company, hiring laboratories in Manhattan averages around $105 per square foot.
Experts warn that it may be too early to celebrate a radical change, but developers are moving forward.
The most recent resolution comes from Taconic Partners, who has just unveiled his goal of turning an old car showroom on the west side of Manhattan into a life sciences center. Construction built in 1929 for Chrysler, but ABC occupied it for decades. Disney Company, which owns the television network, set out in January for additional excavations at downtown Taconic, in partnership with Nuveen Real Estate, will begin reviewing the construction, said Matthew Weir, Taconic’s senior vice president.
“We believe this is a moment that changes the rules of the game in New York,” he added.
The city has long had key ingredients for the progress of life sciences; it has leading universities and university medical centers, places where clinical advances are made and where bioscience corporations are born; and is full of chemists, biomedical engineers and other life sciences professionals. .
Funding for the city’s studies institutes through the National Institutes of Health, the federal government’s biomedical studies agency, has been highest annually since 2016 and reached $2. 2 billion last year, in the Boston area alone.
But New York has lacked laboratories and other spaces where marketers want to start their businesses and bring drugs to clinical trials and advertising production.
As a result, biotechnology start-ups tend to move elsewhere. For example, Regeneron Pharmaceuticals, founded on studies at Columbia University, has moved 30 miles north of Tarrytown, New York. 2019, is conducting trials for a Covid-19 antibody remedy recently given to President Trump.
The stage began to replace in 2010 when Alexandria, a California bioscience complex developer, opened a bright tower known as the Alexandria Center for Life Science-New York City on the east side of Manhattan in the hospital corridor known as Bedpan Alley. The location reflects the confidence that advances in life sciences will have to be close to the institutions of studies, forming “clusters”. In 2014, Alexandria finished the moment of 3 planned tours on its campus.
Government projects have been introduced to inspire these efforts, which promise well-paid jobs and tax revenue. In 2016, New York launched a $500 million life sciences initiative, led through the city’s Economic Development Corporation. In 2017, the state of New York presented its own $620 million Plan.
Deerfield Management Company, a fitness investment firm, benefits from the city’s program and receives approximately $100 million in tax credits for converting a 12-story construction into the Flatiron community into a vertical campus with space for laboratories, convention rooms and offices for nonprofits and educational institutions.
Renovating a construction for life sciences can be a major company. Although it is less expensive and faster than building from scratch, the cost can be 4 times the cost of converting a building for use, according to some estimates.
Not all buildings are suitable for conversion either, said Peter Schubert, a spouse of Ennead Architects, who has painted on life science projects. The most productive applicants have giant ground plates, they are structurally physically powerful to avoid vibrations that can be disastrous in laboratory paints. and have upper ceilings that can accommodate the wide ducts needed for step-by-step ventilation forward. Electrical systems must meet the needs of higher energy. Loading docks would possibly have to separate, for example, the safe arrival of tissue samples and the disposal of chemical waste. Although the old production plants have compatibility with the bill, “it’s actually about construction through construction,” Schubert said.
Demanding situations have deterred developers.
Taconic’s next task will be a component of an emerging life sciences group on Manhattan’s West Side. Stem cell foundation.
Plans for the new assignment were developed through Perkins.
Other projects are being carried out in a developing life sciences group in West Harlem, near Columbia University, where Janus Property Company is upgrading old brick generators for tenants, adding Harlem Biospace, an incubator that provides shared paint lab space. Construction of Taystee Lab of square feet in that of an old bakery.
Long Island City, Queens, is another position to do business. Alexandria is converting an old binding for a laboratory and space, and GFP Real Estate and King Street Properties are participating in some other conversion. And several bioscience corporations are in Brooklyn Army Terminal.
An inflow of personal venture capital cash to corporations that would occupy such projects has generated interest.
“Every week, a developer buys a construction to turn it into life sciences,” said Joshua King, CEO of Cushman
But the “boom” of life sciences is booming.
Nearly 500 million square feet of workspace in New York City, less than two million square feet are being rebuilt for laboratories or advertised exclusively for life sciences, others are in development (compared to the title, Boston has about 30 million square feet). feet of such an area. )
Life sciences “will never be a savior in New York,” said William Hartman, executive general manager of Cushman.
“Maybe we’re in untimely exuberance,” he added.
The availability of buildings marketed for laboratories is 30. 5%, according to the CBRE report, the availability of pre-built area is only 2. 3%.
“The truth is that the call is limited,” John H said. Cunningham, executive vice president of Alexandria. ” There’s a handful on the market that makes tires. “
But Lindsay Greene, chief strategy director at Economic Development Corporation, predicted that the call would be up to date with the source as start-ups get funding and move from incubators to their own spaces. “There’s a recovery effect,” he says. We want to give you time for this to happen. “
Some existing life science spaces have served pandemic efforts. The city has established its pandemic reaction laboratory, which treats coronavirus testing, in central Alexandria.
In the long term, however, the sector will have tenants who survive the pandemic. It takes about 25 years for a life sciences sector to mature.
“Our purpose is not to take the city,” Greene said, “but to be part of a peer organization with them. “
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