The Georgetown Company has signed a 165,000 s/f long-term
lease with Mount Sinai’s Icahn School of Medicine at its new life science hub
at 787 11th Avenue on the Far West Side.
The developer is also creating a 36,000 s/f research
facility for scientist and inventor Neri Oxman which will render the redeveloped
property fully occupied.
“The pioneering work these scientists and physicians perform cannot be done remotely over Zoom,” said Georgetown Company managing principal Jonathan Schmerin.
“We believe that we
are only scratching the surface of the demand for life science space given the
strength of our medical institutions and the talent pool in this area and we
look forward to expanding our presence given our portfolio on the West
Georgetown acquired 787 11th Avenue for $255 million in 2015
in partnership with Bill Ackman, founder and CEO of Pershing Square Capital
Management, and other investors including Arnold Schwarzenegger, LeBron James
and Jimmy Iovine.
The company tapped architect Rafael Viñoly to redesign the
building and secured $410 million in financing for the venture. Several major
leases were also signed with Regus co-working affiliate, Spaces, taking 99,000
s/f and automotive dealerships Jaguar Land Rover and Nissan/Infiniti taking the
ground level space. Other tenants included Dwight Capital and Pershing Square
Georgetown has not commented on previous lease deals at the
property, but confirmed it has secured $100
million in financing from Guggenheim Investments for construction of the Mount
Sinai space that will be completed in conjunction with Mount Sinai by 2024.
The $100 million renovation already carried out “anticipated and incorporated many of the technological and infrastructure requirements to accommodate life science tenants,” said Georgetown in a press release announcing the two new tenants.
“Additionally, the building’s oversized, 60,000 s/f floor plates and generous ceiling heights (which can easily accommodate specialized laboratory and mechanical equipment), along with abundant natural light across the entire perimeter of the building, make 787 11th Avenue the ideal location to create one of the largest life science campuses in New York City.”
Mount Sinai will occupy three floors in the building with a
facility that will include a research focus on genome sequencing and genomic
development technology as well as three patient-focused centers: Spine Center
and Breast Center; Comprehensive Imaging Center; and a state-of-the-art
ambulatory surgery center.
Oxman is building a new 36,000 s/f facility that will be
used for a research and design practice which seeks to foster systemic changes
in the built environment by realigning methods of design and production with
the natural world. Her lab will research, design and implement inventions to
address complex challenges across product, architectural, urban and planetary
Dennis S. Charney, M.D., Anne and Joel Ehrenkranz Dean of
Icahn School of Medicine, and president of Academic Affairs at Mount Sinai
Health System, said, “The investments we are making in research and medical
infrastructure will enable us to provide best in class care for our patients
while pushing the boundaries of medicine and science to find solutions for our
greatest health challenges. The building represents our continued commitment to
transform care and health care delivery in key areas of neurosciences, cancer,
immunology and orthopedics.”
A JLL team of Peter Riguardi and Steven Rotter partnered with the Georgetown Company and Rob Martin and Barbara Winter represented Mount Sinai in the transaction. The Vinson & Elkins legal team led by Adam Endick and Wally Schwartz advised and collaborated with Georgetown’s General Counsel and principal Michael Busch on the lease and TI financing structuring and documentation. Russell Schildkraut of Ackman Ziff helped secure the TI financing.
The 165,000 s/f long-term lease with Mount Sinai is one of
the largest leases signed since the beginning of last year.
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