Maine-based Jackson Laboratory, a genetic and genomic medical company, signed a lease for 41,000 square feet at the Hudson Research Center in Hell’s Kitchen, the Commercial Observer reported. The facility at 619 West 14th Street is owned by Elevate Research Properties, a subsidiary of Taconic Partners.
The asking rent and the duration of the lease have not been disclosed; The Icahn School of Medicine at Mount Sinai signed a lease for 10,000 square feet two years ago, when the asking rent was $100 per square foot.
That is slightly lower than the current price. According to CBRE, the average asking rent for life sciences space in New York City in the third quarter was $105.40 per square foot.
In a statement, Jackson’s president noted the importance of being “in close proximity to leading academic medical centers, industry partners and patients.”
Jackson recently acquired the New York Stem Cell Foundation. Prior to the lease execution, which took place in late October, the space was leased to the NYSCF.
Taconic purchased the ten-story office building on the site – previously known as The Movie Lab Building due to Warner Bros. occupancy. Pictures – in 2012 for $112 million. Five years later, Silverstein Properties purchased a majority stake and valued the property at more than $180 million, while Taconic retained a 10 percent stake.
The partners invested $20 million to renovate the building, with the goal of bringing in research and pharmaceutical tenants. The property represented Silverstein’s first life sciences project.
In 2020, Silverstein and Taconic refinanced the property with $205 million from Affinius Capital, then known as Square Mile Capital.
But in 2023, Silverstein called on Gary Phillips and Will Silverman of Eastdil Secured to highlight his interest in the Hudson Research Center. A buyer had the option to either recapitalize and join Taconic or purchase the property outright through a simple fee sale.
A few weeks ago, Affiinius acquired Silverstein’s stake and valued the property at $191.7 million, according to Pincus Co. Tenants include Rensselaer Polytechnic Institute and C16 Biosciences, a Bill Gates-backed startup.
— Holden Walter Warner
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