New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Deerfield Will Bring $635M Biotech Campus to Midtown South
Healthcare investment firm Deerfield Management and the New York City Economic Development Corporation are partnering to redevelop a 12-story Midtown South office property into a life sciences campus.
Chicago-based Matter, a nonprofit healthcare incubator, will partner with Deerfield to operate the campus as part of NYCEDC’s LifeSci NYC initiative.
Deerfield acquired the property at 345 Park Ave. South for $345 million earlier this month, and will spend $290 million to renovate it. Acquisition and renovation financing came from Blackstone Real Estate. The resulting campus will include approximately 300,000 square feet of life sciences space, and is expected to open in 2021.
“The shortage of commercial laboratory, engineering, and computing space has prevented us from developing cures for some of the most pressing medical conditions here in New York and nationally, but with LifeSci NYC we are changing that quickly,” said NYCEDC president and CEO James Patchett.
Connect National Investment & Finance is coming to New York on Oct. 23. For more information, or to register, click here.
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
