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Taconic Partners’ life sciences subsidiary, Elevate Research Properties, has begun the leasing period for its planned 400K SF lab development near Manhattan’s Lincoln Center, Bisnow has learned.
Elevate also provided exclusive new renderings of the lab, West End Labs at 125 West End Ave., to Bisnow.
West End Labs — the first property officially launched by Elevate since its creation earlier this year — will sit in a building that previously served as an automotive showroom, built by the Chrysler Corp. in 1929. The project is due to be completed in June 2023.
The lab features 16-foot ceilings, 54K SF floor plates and energy-efficient lab infrastructure. It will also include a 300-person conference and event center and a rooftop terrace with views of the Hudson River. The spiral auto ramp previously used to transport cars between floors in the building will become a meeting space known as The Helix, according to the developer.
“West End Labs is going to be a major engine for innovation and economic opportunity for New York City,” Elevate Research Properties President and Taconic Partners Executive Vice President Matthew Weir said in a statement. “The project will be the most unique and exciting lab building in the region by virtue of its physical characteristics, location, and amenities. We are tremendously excited about the scientific achievements that are to be discovered here.”
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Taconic announced the creation of Elevate in June this year to oversee its growing life sciences portfolio. Elevate is responsible for 2M SF of life sciences developments in NYC, including 309 East 94th St. and planned life sciences developments totaling more than 1.4M SF, making it one of the largest life sciences developers and operators in the Big Apple.
The property was acquired as part of a joint venture between Taconic, Nuveen Real Estate and Lasalle Investment Management prior to the creation of Elevate. West End Labs sits within one of NYC’s nascent life sciences clusters. Its place close to Midtown on the West Side of Manhattan puts it near other life sciences organizations including The New York Stem Cell Foundation, Rensselaer Polytechnic Institute, Hibercell and c16 Biosciences.
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“NYC’s life sciences market has seen 2021’s momentum spill over into the first half of this year, as leasing activity is off to a strong start,” CBRE Senior Vice President Jonathan Schifrin, who will be acting as the broker and leasing agent for West End Labs, said in a statement. “The infusion of premium lab exclusive space at 125 West End Avenue will only serve to bolster this momentum and continue to solidify New York City as a premier destination for cutting edge life science companies to relocate to.”
The lab has spaces for companies of varying sizes, from larger companies hoping to tap the expertise of NYC’s academic medical institutions and life sciences talent to startups early in their journeys.
The smaller spaces in particular may fill a gap in NYC’s life sciences market. At a Bisnow event in May this year, industry experts said that the city was in dire need of smaller labs to stop talent from moving to rival life sciences hubs such as Boston and San Francisco.
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