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Alexandria Launches Work on Life Science Center’s 3rd Tower
Alexandria Real Estate Equities has initiated development of the North Tower at the Alexandria Center for Life Science – New York City. Now measuring 550,000 square feet, up from the originally planned 420,000 square feet, the center’s third tower will bump up the campus to nearly 1.3 million square feet.
“We plan to equip the new North Tower with a combination of office and laboratory step-up space, in a highly-curated and sustainable environment designed to meet the needs of early-stage companies spinning out of world-class academic and medical institutions, which comprise the majority of demand in New York City,” said Alexandria’s John Cunningham.
Along with the North Tower development, the company also announced that it has closed on the acquisition of a 177,000-square-foot property in Queens’ Long Island City neighborhood. Cushman & Wakefield’s Doug Harmon, Adam Spies and Joshua King advised the REIT. The company recently acquired 219 E. 42nd St. in a sale-leaseback with Pfizer and plans to redevelop it.
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