One of Manhattan’s life sciences bets has a major biotech firm moving in.
Maine-based Jackson Laboratory, a genetics and genomic medical firm, 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 length of lease were not disclosed; Icahn School of Medicine at Mount Sinai signed a lease two years ago for 10,000 square feet, when the asking rent was $100 per square foot.
That’s slightly below today’s rates. In the third quarter, the average asking rent for life sciences space across New York City was $105.40 per square foot, according to CBRE.
In a statement, the president of Jackson 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 10-story office building at the site — formerly known as The Movie Lab Building because of Warner Bros. Pictures’ occupancy — for $112 million in 2012. Five years later, Silverstein Properties bought a majority stake, valuing the property at more than $180 million, while Taconic retained a 10 percent interest.
The partners invested $20 million to revamp the building, aiming to bring 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 tapped Eastdil Secured’s Gary Phillips and Will Silverman to market its interest in the Hudson Research Center. A buyer had the opportunity to either recapitalize and join up with Taconic or purchase the property outright in a fee simple sale.
A few weeks ago, Affiinius acquired the stake from Silverstein, valuing the property at $191.7 million, according to PincusCo. Tenants include Rensselaer Polytechnic Institute and C16 Biosciences, a Bill Gates–backed startup.
— Holden Walter-Warner
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