Expanding NYCs Life Science Footprint – A Case Study on Georgetown & Icahn School of Medicine at Mount Sinai
The Icahn School of Medicine at Mount Sinai, a leading research institution affiliated with Mount Sinai Health System, has signed a long-term lease for 165,000 square feet at 787 11th Ave. in a mixed-use, conversion development by The Georgetown Company. Now the anchor tenant, Mount Sinai leased more space than the total life sciences footprint leased across New York City in 2020.
This transaction is pioneering for life sciences in New York City in many ways. Georgetown converted an existing commercial building for life sciences use in a developing life sciences subcluster, years before leasing the building to Mount Sinai. Mount Sinai leased 165,000 feet in one of the largest transactions between an academic medical center and a private building owner in NYC. This happens routinely in clusters like Boston and Cambridge but is relatively new to NYC. The combined clinical and research use planned for the facility illustrates an important trend in life sciences and Biodesigner Neri Oxman who also leased space in the building represents another important academic tenant in a ground breaking field of life sciences. Finally, the banking and service providers demonstrate the breadth of value a life science transaction such as this can mean for many industries in the City as we emerge from the pandemic.
Mount Sinai’s space across three floors will house the Mount Sinai West Spine Center and Breast Center, a comprehensive imaging center and a state-of-the-art ambulatory surgery center, as well as facilities for biotech research that will include genome sequencing, gene and cell editing and other pursuits.
Biodesigner and MIT Media Lab Professor, Neri Oxman, has also committed to 36,000 square feet at the property, where she will build a novel research and design lab for Material Ecology focused on art and architecture that combine design, biology, computing and materials engineering. The Class A office space houses tenants including Pershing Square Capital Management and Dwight Capital. The 10-story building, which totals roughly 505,000 square feet of rental space, is now fully leased.
Georgetown partnered with financial partners in 2015 to acquire the former Packard Motors Building between West 54th and West 55th Streets. Architect Rafael Viñoly oversaw a full renovation to adapt the 1929-vintage structure for life science uses, bringing a redesigned lobby, updates to all mechanical systems, a new façade and windows and an additional 85,000 rentable square feet across two floors. The building features open 60,000-square-foot floor plates, 14-foot ceiling heights and a 12,000-square-foot roof deck.
Georgetown has closed on $100 million in financing from Guggenheim Investments to build out Mount Sinai’s facility, which will be completed by 2024. Mitchell Giurgola and NK Architects are the architects and Hunter Roberts Construction is the contractor for the buildout.
Join us as we speaking about this pioneering project for life sciences in New York City!
Confirmed Speakers:
- Joan Raso, PE, Engineering Principal, Vanderweil
- Jonathan Schmerin, Managing Principal, The Georgetown Company
- Jim Herr, Partner, Rafael Vinoly Architects
- Jim Pass, Senior Managing Director, Guggenheim Partners
- Thomas Ahn, Vice President, Real Estate Icahn School of Medicine, Mount Sinai Health System
- Stephen Dietz, Partner, Mitchell Giurgola Architects
- Paul Drago, Managing Principal, NK Architects
- Brian Aronne, Vice President Project Executive, Hunter Roberts Construction Group