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Thread: East River Science Park - First Avenue between E. 29th & E. 28th Streets -by Hillier

  1. #16
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    Putting up $700 million of there own money is a sure sign of faith, now lets see if they can deliver any tenants


    A good site to look at as well

    http://www.nycbiotech.org/realestate.html
    Last edited by kliq6; August 11th, 2005 at 10:49 AM.

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    The goal of the developer is to have many smaller, growing firms in this development as well as one larger "anchor" tenant with a developed track record in the Industry

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    MANHATTAN BIDS FOR BIOTECH



    The East River Science Park, to be built - after 20 years of institutional wrangling


    Steve Garmhausen
    NYC 12 20 05

    Maybe it’s the fact that the East River Science Park will be New York City’s largest biotech campus. Or it could be that the $700-million project is being built on spec. Whatever the reason, its 872,000 square feet seems like an awful lot of space to fill.

    Then again, if the planned science park fulfills the city’s goal of jump-starting a true commercial bioscience industry, the 3.7-acre campus, in the Kips Bay neighborhood between First Avenue and the FDR Drive, could start to seem very small to its tenants.

    “Where do these companies go when they become bigger?” asks Patricia Ardigo, director of the life sciences group at CB Richard Ellis, who envisions the new park eventually spawning satellite research hubs in Long Island and Westchester.

    It would be a nice problem to have, but the city, which will lease the site on Bellevue Hospital’s campus to Alexandria Real Estate Equities Inc., must first overcome challenges to landing tenants. Those include established competition in Boston and New Jersey as well as Manhattan’s high rental rates.

    The good news is that recruiting work is well under way. The city has already spoken with 500 companies worldwide, says Bill Fair, managing director of healthcare and bioscience for the New York City Economic Development Corp, which was the major driver behind the project.

    “Conceptually, people don’t think of New York as bioscience,” admits Fair. The city is playing up four strengths in its recruiting efforts: its deep, skilled employment pool; entrepreneurial talent; and access to capital for all stages of a company’s growth.

    But the biggest muscle group in the city's armature is its collection of 11 major academic medical research institutions, including NYU and Columbia’s schools of medicine and Memorial Sloan-Kettering Cancer Center. Together, these institutions filed more biotech patents between 1992 and 2002 than the institutions of Boston, Cambridge and the San Francisco Bay area combined, says Fair. But because of the city’s dearth of lab space, the people behind those patented ideas are forced to go elsewhere to try to commercialize them.

    “The great ideas are already here,” says Fair. “It’s just that the companies haven’t stuck here. We’re good at spinning out companies to places like La Jolla.” (He might have mentioned New Jersey as another popular destination; perhaps it’s too close for comfort.)

    The feedback from biotech companies has been that these strengths could offset the high cost of setting up shop in New York City, Fair says: “Cost is definitely an important factor, but not the most important factor for companies making location decisions.”

    Ramping up biotech in the city has been talked about for a good 20 years. But for various reasons?among them the rivalries between the research and academic institutions?it remained talk.

    Upon taking office four years ago, Mayor Michael Bloomberg commissioned a market study that identified all the ingredients for biotech success. The administration, determined to follow through, had a key assist from several business-world heavy hitters, including Jerry Speyer and Henry Kravis, who reportedly used some muscle on their own to persuade directors on the boards of the city’s universities and hospitals to put aside their turf concerns and form a consortium to bring biotech into the city.

    When the city’s RFP process for East River culminated in August with the selection of Alexandria, mere talk had congealed into reality. The Pasadena, Calif.-based real estate investment trust is a pioneer in building, running and acquiring lab and office complexes; it owns 127 properties with 8.2 million square feet. Alexandria has the “deep pockets and the wherewithal for a long stay,” says Ardigo, who served on the EDC and New York City Partnership’s biotech task force that helped bring about the science park. (Read about Alexandria in the November Forbes/Slatin Real Estate Report, available by subscription on our Publications page).

    Bringing in a private developer also relieves the city’s institutions of driving economic development &emdash;which is not, after all, their mission. What’s more, the REIT is financing the park and building it on spec. What makes Alexandria CEO Joel Marcus, so confident that he took on blue-chip REIT Boston Properties for the right to build East River? Good question; he isn’t talking to the press. But his company’s bioscience parks are full of institutional users as well as corporations like Merck and Quest Diagnostics, and Alexandria should be focused on getting such heavy hitters to pre-lease space at ERSP.

    “They have to go after large users right out of the box,” says Peter Waldt, senior director at Cushman & Wakefield, and a veteran of city government, who notes that the bioscience plan in the Giuliani era focused on institutions, while Bloomberg’s plan expands the mix to include corporate tenants. By contrast, the 100,000-square-foot Audubon Biomedical Science and Technology Park, part of Columbia University Medical Center and housed in the historic Audubon Ballroom where Malcolm X was assassinated, is mostly filled with incubator-sized companies and organizations.

    The science park will also provide lower-cost lab and office space for entrepreneurs, who would now find a dry well, says Fair: “If someone called my office today, I’d have no place to put them.”

    Subsidies are sure to be key to filling the space. The New York City Partnership has pledged $10 million to help small and medium-size companies fit out their space. Labs’ specialized needs&emdash;everything from extra-thick walls to emergency wash stations&emdash;add a tidy premium to their costs, explains Bob Von Ancken, the head of consulting and evaluation at Grubb & Ellis, which is conducting a pricing study for the EDC.

    The state aid needed to compete with well-subsidized life science space like that in New Jersey may be hard to squeeze out of Albany because biotech companies&emdash;even though they create high-quality jobs&emdash;tend to be loss leaders, often investing for years before seeing any profit, notes Ardigo.

    The park’s first phase, slated for groundbreaking in 2006, includes two laboratories and office towers totaling 542,000 square feet, with the first tenants anticipated in 2008. Designed by Hillier Architecture, It’s to include a glass-enclosed retail area with 43,000 square feet of public open space, including a riverfront esplanade, and 520 underground parking spaces. The second, 330,000-square-foot phase is slated for completion by 2009, and it will have additional open space and 200 more parking slots.

    There’s a potential snag for the second phase. The city’s office of the chief medical examiner must first vacate the site; that is problematic because the office is storing 9,000 unidentified remains of victims from the September 11 attacks there. The remains are to be moved to the planned memorial at the World Trade Center site – whenever that is completed.

    But if all goes well, the second phase will have a line of would-be tenants waiting to move in. The EDC’s Fair acknowledges that the city’s plans for biotech are not unique. In fact, all 50 states have biotech initiatives in their economic agendas. But unlike most of them, New York actually has what biotech firms are looking for, he says.

    “Most places pin their hopes on biotech as a hot, sexy area, thinking they’ll see great stock increases, lots of employees and cures for diseases,” he says. “What we’re doing is the opposite of the way most places approach biotech.”


    (c) 2003 - 2005 The Slatin Report.

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    Quest Diagnostics is the top firm on Alexandria Real Estate Equities list to move there HQ and a testing faclility from Jersey to this site, stay tuned

  5. #20
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    Great news!

    Are they actually building something on the site yet? Anyone knows?

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    clearing out the building owned by the hospital now to prepare for some demolition and exavation

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    Quote Originally Posted by kliq6
    Quest Diagnostics is the top firm on Alexandria Real Estate Equities list to move there HQ and a testing faclility from Jersey to this site, stay tuned
    Is that one of the 5 headquarters you were talking about?

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    Here is a much better rendering (alternative?)...



    http://www.fogartyfinger.com/

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    no that list was from last year and that was a NYC EDC initiative. Alexandria RE is the top firm in building these types of biotech centers and Quest is there top client, so it makes sense they will look at a internal client first that they are use to.

    FYI, the list were these firms, all of which had presence in the city and the city wanted them to switch HQ locations

    Alcoa
    Starwood Resorts
    Xerox
    CIT Group
    Federated

  10. #25
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    Bioscience Center Moves Forward


    By Barbara Jarvie
    July 6, 2006

    NEW YORK CITY-City officials have approved a straight-lease transaction for the Alexandria Real Estate Equities in connection with the construction, furnishing and equipping of buildings to be known as the East River Science Park. It will be located on a 4.26-acre on city-owned land at Bellevue Hospital Center.

    The campus will be located in the Kips Bay neighborhood, just south of the New York University Medical Center between East 28th and 29th Streets and First Avenue and the FDR Drive. It will be along Manhattan's medical/life sciences corridor, which is home to Beth Israel Hospital, Hospital for Special Surgery, Memorial Sloan-Kettering, Mount Sinai, New York Hospital, Rockefeller University, and Weill Cornell Medical Center.

    The project is a major component of the city’s effort to make it a center for the growing life sciences and biotech sectors. The city hopes it will attract companies in the pharmaceutical, biotechnology, research and medical device fields as well as create an estimated 2,000 permanent jobs and 6,000 construction jobs over the next 10 years. Alexandria was chosen after the city issued a Request for Proposals for the project.

    When completed, it will encompass about 4.5 acres with more than 820,000 square sf of scientific research and development, office and small-scale retail space. The campus will have at least 46,600 sf of open space. The site will be built in three phases, with construction on the first phase expected to begin this year. The first building will be ready for occupancy by the end 2008.

    The New York City Investment Fund has committed to invest up to $10 million in the ERSP alongside the private developer. The project will also get financial assistance including exemptions from city and state mortgage recording taxes and/or city and state sales and use taxes.

    The Pasadena, CA-based Alexandria Real Estate is focused principally on the ownership, operation, management, acquisition, redevelopment and selective development of properties containing office/laboratory space. It has approximately $3.9 billion total market capitalization.


    Copyright © 2006 ALM Properties, Inc.

  11. #26
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    From GlobeSt.com:


    East River Science Park Takes Step Forward

    January 9, 2007

    NEW YORK CITY-The East River Science Park, a bioscience research campus, took an important step toward development today when a ground lease was signed. The New York City Health and Hospitals Corporation agreed to lease the 3.5-acre space to an affiliate of Alexandria Real Estate Equities Inc., the projects developer. At full build-out the campus will have more than one million sf of office, lab and retail space.

    In November 2004, Mayor Michael Bloomberg called for proposals to develop the privately-funded, $700 million East River Science Park, which is meant to put Manhattan on the bioscience map. The Mayor said the campus would be built between 28th and 29th streets, First Avenue and FDR Drive; south of New York University Medical Center and north of Bellevue Hospital Center.

    According to a release at the time, “The project is a major component of the City’s effort to make it a center for the growing life sciences and biotech sectors, and is expected to be the flagship location for companies in the pharmaceutical, biotechnology, research and medical device fields, creating an estimated 2,000 permanent jobs and 6,000 construction jobs over the next 10 years.”

    In August 2005, Alexandria was named developer of the project. At the time, Alexandria CEO Joel Marcus said in a release, “Alexandria is proud to be the designated developer for this truly unique and innovative commercial life science destination. Together with the City, EDC and the New York healthcare community, we look forward to carrying out the vision of forming a bioscience community that will be equipped with all of the components to foster the great medical discoveries of the future.”

    Plans have changed slightly since Alexandria was chosen. Now the East Rover Science Park will be built in two phases. Part one, which is due to break ground in the near future, will include two office/lab buildings, totaling 670,000 sf. Tower one will be 16 floors and house a conference center, cafe, space for clinical drug operations and other translational uses. The second tower will also have a ground floor retail component. In the first phase, a glass-enclosed Winter Garden will be built. The garden will has a riverfront esplanade as part of the open space design.

    In phase two a third office/lab building, totaling 420,000 sf, will be built. There is no timeline yet for completion of either phase. Initially, when Alexandria was named developer the firm put a 2008 deadline on the first tower in phase one.

    In November 2006, Alexandria acquired a Massachusetts’ bio-tech building, the 184,577-sf Life Science Square in Cambridge, for more than $95 million from the Beal Cos. LLP, as GlobeSt.com reported. Earlier in the year, the company purchased the seven-building Technology Square, also in Cambridge, for $600 million.

    Copyright © 2007 ALM Properties, Inc.

  12. #27

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    Here's the permit for one of the buildings
    http://a810-bisweb.nyc.gov/bisweb/Jo...hous=&allstrt=

  13. #28
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    Bioscience Park Ready To Rise on East River



    The city’s first major bioscience office park aims to
    attract bioscience companies to New York, as well as
    to give them access to resources at Bellevue Hospital
    and NYU’s medical school.



    BY JAY AKASIE - Special to the Sun
    February 20, 2007

    A recent survey that went out to 600 of the world's top bioscience engineers and entrepreneurs reported that being around top academic institutions and accessing talented workers top the list of concerns companies consider when deciding where to set up shop.

    It's a bit frustrating for the managing director of health care & biosciences for the New York City Economic Development Corporation, William Fair, when he hears that the North Carolina Research Triangle and Cambridge, Mass. perennially top the destination list for such firms. "We've got the brand-name schools and top talent here in New York City," he said. "But sometimes it's tough for an emerging industry make itself known when there's so much going on in this city."

    But Mr. Fair, an aggressive graduate of Stanford University and the Kellogg School of Management, has already laid the groundwork to quintuple the amount of space in New York City devoted to the high flying businesses in the bioscience field. He's just announced the East River Science Park will hold some 535,000 square feet of sleek, high-tech office towers, laboratories, and public spaces that will connect to New York University's medical school complex and Bellevue Hospital.

    This area stands now as a patch of dirt bounded by First Avenue and FDR Drive and between 28th and 30th Streets. The trailers set up on the edges of the plot, near the First Avenue side, hold the remains of victims of the September 11, 2001 attacks on the World Trade Center. Mayor Bloomberg has promised victims' families that those remains will not be moved until they are interred in the memorial, according to Mr. Fair. A spokesman for the mayor declined to comment.

    The project will involve two phases, the latter of which covers the area occupied by the Office of the Chief Medical Examiner, where the remains are stored. Mr. Fair said he is confident that Mayor Bloomberg's commitment to allow private enterprise to play a larger role in the city's economic development will manifest itself with the completion of the bioscience park. "The fact that so much of this city's initial boom in the biosciences will be based in one place, on a campus showplace on the East River, is huge," he said.

    Of the 226 publicly traded bioscience firms on the NASDAQ exchange, 14, or 6%, are based in New York City. Only 24 (3%) of the nation's 750 private firms are domiciled here. Experts say that much of the reason for the dearth in such companies in New York is the challenge to find decent, affordable space — a concern, not surprisingly, that affects many nascent industries here.

    "The mayor has a private sector approach to how we approach and build up this industry," the copresident of the NYC Investment Fund, Maria Gotsch, said. "What we faced was a lack of real estate for academic spin-offs. How do you build up an industry when real estate is the first and driving concern?"

    To that end, the NYC Investment Fund secured $10 million to get the project going, said Ms. Gotsch. She said she is confident investors will see a satisfying return on their investments in the bioscience park.

    The CFO of Alexandria Real Estate Equities, Joel Marcus, said his California firm has been looking to develop a significant property in Manhattan for some time.

    "We're using what we like to call the cluster concept," Mr. Marcus said. "We use sophisticated, proprietary products to bring together a confluence of commercial activities. Each of these components will be critical to the success of the complex here in New York."

    In the 1970s, urban decay and rising crime rates forced institutions like Bellevue and NYU to build campuses that looked inward. Now, they're opening up their campuses and will use the science park to link many of their existing buildings. That's a boon to the kinds of start-ups that developers expect to call the various building of the East River complex home. The idea is to tie private equity firms and scientists together with the doctors, patients, and medical school students already in the area.

    "It's an effort to recapture the East River," Mr. Marcus said. "It's going to have some high-quality public access, with dramatic lighting and spectacularly inviting spaces."


    © 2007 The New York Sun, One SL, LLC.

  14. #29
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    Default ERS park

    This may be the most important comercial project in NYC right now, this may give us a chance to get a inroad into this sector!

  15. #30

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    Some photos of a curtain all mock-up on Sota Glazing's website....Seems to use fins rather than bars for some sunshading.

    http://www.sotawall.com/site_pages/USA_sites.html

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