New York Blood Center on Tuesday announced plans to build a $750 million center on its existing site on the Upper East Side.
The current building occupies a footprint of approximately 1 acre and has 4 stories. It was originally built in 1930 as an automotive trade school. It will be demolished and replaced by Center East, a 16-story building with a footprint of 596,000 square feet.
"There's a need for a bigger space as we've outgrown our current facility," said Dr. Christopher Hillyer, president of the non-profit center.
The first five floors of the new facility will be occupied by the Blood Center, and floors seven to 16 will be occupied by life science tenants. The larger location will allow the center to double its research space and double its number of full-time employees to 500, Hillyer said. Blood product collection could potentially increase by a third too, he said.
New York Blood Center embarked upon a yearlong search for a development partner and decided on Longfellow Real Estate Partners, a Boston-based life science real estate developer, said Hillyer. Longfellow will be responsible for renting out space, he said, adding that the center owns the land.
Longfellow was founded in 2009 and has a portfolio of about 8 million square feet of life science and laboratory space, servicing over 350 companies.
Ennead Architects, based in the World Trade Center, has been selected to design the facility.
Each floor has a footprint of 40,000 square feet, said Jamison Peschel, managing partner at Longfellow. The facility is envisioned to foster collaboration and innovation between various life science organizations and academic institutions in the areas of cell and gene therapy, he said.
There are already a couple of companies incubated at the Blood Center's current space that will move into the new facility, and Longfellow is in talks with a number of institutions on the Upper East Side to be potential tenants, Peschel said. The aim is have between three and 10 companies occupying the building, Hillyer said.
The $750 million construction cost is a preliminary estimate and is subject to change, both Hillyer and Peschel said. It will be a few years before financing will be secured, Peschel added.
The project is going through the rezoning process, and scoping meetings are expected in the coming months, Hillyer said. Construction could break ground at the end of 2022 and could be completed by mid-2026, he said.
"We envision there will be a need for space as the New York life science ecosystem continues to evolve, and we want to be part of that evolution," Hillyer said.
"center" - Google News
October 16, 2020 at 09:21PM
https://ift.tt/2SZua8H
Blood Center planning $750M facility with room for life science tenants - Crain's New York Business
"center" - Google News
https://ift.tt/3bUHym8
https://ift.tt/2zR6ugj
Bagikan Berita Ini
0 Response to "Blood Center planning $750M facility with room for life science tenants - Crain's New York Business"
Post a Comment