The Hudson Research Center to be home to over 150,000 square feet of new research labs
Taconic Investment Partners and Silverstein Properties today announced development plans for the building at 619 West 54th Street, to be named the Hudson Research Center, which includes the creation of over 150,000 square feet of life science wet lab research space. 619 West 54th Street, the home of the New York Stem Cell Foundation’s recently developed 40,000 square foot research institute and headquarters, features the infrastructure necessary to support life science and medical tenants including 33,000-square-foot floorplates, robust electrical capacity, emergency generators, high floor loads, and high ceilings. In addition, Taconic and Silverstein have plans to invest up to $20 million to further enhance base building infrastructure in order to deliver lab-ready space to research tenants.
“New York City has all of the assets to become a major life science hub including world-class medical research institutions, a depth of research talent, presence of big pharmaceutical companies and venture capital, and with recent life science initiatives launched from both New York City and New York State, we feel New York is poised to join cities like Boston and the San Francisco Bay Area as the next big research cluster,” said Matthew Weir, Vice President of Taconic. “We are offering lab-ready space to a severely supply-constrained market and when combined with the New York Stem Cell Foundation facility in the building, we have the beginnings of a dynamic new life science hub.”
The Hudson Research Center contains a total of 330,000 square feet spread over 10 stories and features abundant natural light from multiple exposures and unobstructed views of the Hudson River and the Midtown Manhattan skyline. Located across from DeWitt Clinton Park, the building boasts amenities such as a renovated lobby and common areas, onsite gated parking, and a new bike storage and shower facility. The New York Stem Cell Foundation (NYSCF) opened its Research Institute in April. The facility is one of the largest laboratories in the world devoted exclusively to stem cell research. The glass-enclosed wet lab includes the NYSCF Global Stem Cell Array, the most advanced technology available for the manufacturing and study of stem cells. NYSCF’s facility includes molecular biology, imaging, and cell sorting and will have a highly-specialized GMP facility. NYSCF also features a 10,000 square foot meeting and lecture hall space that hosts educational seminars as well as industry and networking events.
“We are delighted to partner with Taconic to reposition this historic building,” said Marty Burger, Chief Executive Officer of Silverstein Properties. “Life sciences are a priority for the Governor and the Mayor and research tenants now have the perfect home on the west side of Manhattan.”
The landlord has retained Transwestern Consulting Group (TCG) as the exclusive leasing agent for the building. TCG has been involved with the development and leasing of over 4.35 million square feet of lab space, primarily in the Boston market, and they believe that the sector is poised to experience significant growth here in New York.
"New York City has emerged as a cluster location for the life science industry,” said Steve Purpura, TCG’s Northeast Market Leader. "Hudson Research Center’s location on Manhattan’s west side is going to be an attractive alternative for the many growing biotech companies looking to tap into the large life science labor pools in New Jersey and Long Island".
The vibrant West Side of Manhattan has become a desired live-work destination in recent years, with the development of Hudson Yards and the significant growth of nearby residential developments including the Mercedes House, One Riverside Park, Bjarke Ingels-designed VIA 57 West, Silverstein’s One West End, and Taconic’s 525 W 52nd St.
For additional information about The Hudson Research Center, please visit www.619W54.com.
About Silverstein Properties, Inc.
Silverstein Properties, Inc. (SPI) is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company develops and acquires office, residential, hotel and retail properties. SPI has developed, owned and managed more than 40 million square feet of commercial, residential and retail space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013) and the Four Seasons Downtown (2016).
Currently, the firm has $10 billion of development underway including One West End and 2 and 3 World Trade Center. In addition, SPI is focused on joint ventures for development and acquisitions in Europe and Israel. The company has been recognized as one of the “Best Places to Work in New York City” by Crain’s New York Business for eight years in a row. For further information on Silverstein Properties, visitwww.silversteinproperties.com.
About Taconic Investment Partners
Since 1997, Taconic Investment Partners has acquired, redeveloped and repositioned over 12 million square feet of commercial office and mixed-use space, as well as 3,000+ units of luxury and workforce housing in the New York metropolitan area, Chicago, Washington, D.C., and Atlanta. As a fully integrated real estate operating company with a keen eye for uncovering value, its diverse capabilities are evidenced by its multifaceted success with luxury properties, as well as adaptive reuse and urban revitalization projects. In New York City, Taconic recently co-developed 837 Washington in New York’s Meatpacking District, is currently developing 71 Laight Street in TriBeCa, and has assembled significant land holdings in Coney Island for residential development. The firm also manages various real estate funds on behalf of institutional and pension fund investors. For more information visit: www.taconicinvestments.com.
About Transwestern
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.
