NEW YORK--(BUSINESS WIRE)--The Georgetown Company, a leading developer and owner of commercial, retail and mixed-use properties nationwide, announces the creation of a leading life science hub at 787 11th Avenue on Manhattan’s Far West Side. The newly redeveloped building will feature more than 200,000 square feet of state-of-the-art laboratory, research, clinical and biomedical facilities. With the addition of these two tenants, the building is now 100% leased.
This new state-of-the-art research facility is anchored by Mount Sinai’s Icahn School of Medicine, which will occupy three floors in the building. Internationally renowned designer, scientist and inventor Neri Oxman is developing an innovative research and design lab at the property.
Georgetown immediately identified life science users for potential tenancy at 787 11th Avenue beginning at its initial acquisition in 2015. Its $100 million renovation of the property anticipated and incorporated many of the technological and infrastructure requirements to accommodate life science tenants. Additionally, the building’s oversized, 60,000-square-foot 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. At the onset of the pandemic, Georgetown focused on attracting world-class, high-growth biotech and medical tenants to the building.
The 165,000-square-foot, long-term lease with Mount Sinai is one of the largest leases signed since the beginning of last year. In fact, the lease is larger than the total life science square footage leased across New York City in 2020. The healthcare system’s new facility will include a research focus and three world-class patient-focused centers:
- Research cores in genome sequencing and genomic development technology, proteomics and protein engineering, gene and cell editing with a focus on stem cell and 3D organoid technology and high throughput screening for the development of molecular drugs and biological agents for novel disease treatment;
- Mount Sinai West Spine Center and Breast Center, offering the most advanced diagnostic, non-operative, and surgical options for patients;
- Comprehensive Imaging Center; and
- A state-of-the-art ambulatory surgery center, focusing on minimally invasive spine procedures, out-patient joint replacement, breast surgery and orthopaedic sports medicine.
In order to finance Mount Sinai’s cutting-edge facility, Georgetown has secured $100 million in financing from Guggenheim Investments for construction of the space that will be completed in conjunction with Mount Sinai by 2024.
Oxman is building a new 36,000-square-foot facility that will be used for a novel research and design practice which seeks to foster systemic changes in the built environment by radically realigning methods of design and production with the natural world. Operating at the intersection of technology and biology, the Lab will research, design and implement inventions to address complex challenges across product, architectural, urban and planetary scales.
“The pioneering work these scientists and physicians perform cannot be done remotely over Zoom,” Georgetown Company Managing Principal Jonathan Schmerin said. “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 Side."
“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,” said 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.
"Women seeking breast care and patients with spine problems are increasingly seeking minimally invasive, out-patient approaches," said Kelly Cassano D.O., Senior Vice-President for Ambulatory Operations of the Mount Sinai Health System. “We believe this cutting-edge facility will offer patients coordinated, advanced multi-specialty care with ambulatory surgical options without the requirement of a visit to the hospital but will have access to the resources of a world-class academic medical center just blocks away.”
The Georgetown Company acquired 787 11th Avenue in 2015 in partnership with Bill Ackman, founder and CEO of Pershing Square Capital Management, and other notable investors including Arnold Schwarzenegger, LeBron James and Jimmy Iovine. Acclaimed architect Rafael Viñoly redesigned the building, which features floor-to-ceiling windows, sweeping views of the Hudson River and a 12,000-square-foot rooftop amenity.
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.
About The Georgetown Company
The Georgetown Company develops and invests in residential, commercial and mixed-use properties throughout the United States, with a focus on emerging neighborhoods in best-of-class locations. Led by President and CEO Adam Flatto and founded in 1978, Georgetown is a privately-held diversified real estate development company that is recognized for attracting long-term partners and creating popular destinations after carefully selecting properties and diligently nurturing them through all stages of development and ongoing operations. Georgetown is headquartered in New York City and currently owns and is developing properties in New York City, Los Angeles, Chicago, Columbus, OH, Boston, and Washington, DC.