December 1, 2022 9:00 AM
In partnership with King Street Properties (KSP) and GFP Real Estate, Newmark announces a state-of-the-art prebuild program at one of the city’s top life science destinations, Innolabs. Innolabs offers state-of-the-art lab and office space in the heart of Court Square, and its new prebuild program will accommodate various-sized users across the city’s burgeoning life science sector. Newmark’s Vice Chairman Jared Horowitz, Senior Managing Director Jordan Gosin and Managing Director Bill Harvey are working on behalf of ownership as the exclusive leasing agents of the property.
The new program on the property’s 6th floor marks one of the few prebuilt spaces in the city designed to accommodate life science users of varying sizes, including series A companies. The spaces are move-in ready and incorporate Class A lab infrastructure with a 50/50 lab, office split and lab benching that includes fume hoods, lab sinks, above-ceiling gas piping and connection to the building’s backup generators and pH neutralization system.
“Over the past few years, we’ve seen a tremendous flight-to-quality for office users, and that trend holds for the city’s growing life science space as well,” said Harvey. “The debut of these Class A lab prebuilds will now be available to accommodate smaller users who need to get situated quickly in a well-tenanted and amenitized asset.”
“Innolabs prebuild program offers flexible, ready-to-use space for life science companies, allowing our customers to begin work immediately and save valuable time by avoiding the pain points in the real estate process,” said Ed Jaram, King Street Properties. “Available space like this further strengthens this market and positions Long Island as an ideal place for life science companies of all sizes to grow and prosper.”
Innolabs is a 267,000-square-foot Class A property that services innovative life science companies. Since 2021, Innolabs has experienced significant leasing momentum, with 75% of the property being leased to cutting-edge life science users. The asset offers state-of-the-art lab/office space, a well-connected location and a dynamic amenity program that allows tenants to work productively with ample opportunity for collaboration. The property’s most notable tenants include Opentrons Labworks, the Pandemic Response Laboratory and Neochromosome. In addition to modern lab space, Innolabs offers a selection of amenities designed to enhance the tenant experience, including a welcoming, spacious lobby; an adjacent hospitality-level gathering space; tenant storage; flexible event space; on-site café; bike storage and locker rooms with showers.
According to Newmark Research, the life science sector fundamentals have remained strong coming out of the height of the pandemic. In the first half of 2022, national pricing for life science and R&D assets remained at a record high, hitting $564 per square foot. In New York City specifically, venture capital funding also remained 63 percent above pre-COVID-19 levels, reinforcing the continued strength of the tenant ecosystem. Life science developers with vast experience nationally are increasingly showing interest in potential opportunities in various submarkets in New York City — including Long Island City — and biotechnology companies are increasingly flocking to the city to establish East Coast headquarters.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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