The de Blasio Administration and Alexandria Real Estate Equities, Inc. (NYSE: ARE) today announced a final agreement to initiate the third phase of development of the Alexandria Center® for Life Science – New York City in Kips Bay, also known as the North Tower.
The Alexandria Center is the City’s first collaborative campus for life sciences research and development and commercialization. Construction of the North Tower will complete the campus, which currently comprises the East and West Towers, resulting in nearly 1.3 million square feet of commercial laboratory facilities, pre-built space for emerging companies, flexible office space, and amenities for life science research and development tenants.
The proposed 550,000 square-foot facility will serve as a valuable resource to the City’s emerging life sciences industry and is expected to foster innovative collaborations among world-class academic and commercial institutions, provide much-needed commercial laboratory and office space for growth-stage life science companies, and include more than 1,466 quality jobs. Construction is anticipated to break ground in 2020, with expected completion by 2022.
“The Alexandria Center for Life Science currently provides best-in-class space to an abundance of life sciences companies looking to continue innovating and growing here in New York City,” said NYCEDC President and CEO James Patchett. “Once complete, the North Tower will add an additional 500,000 square feet of wet lab and office space to the campus, building on the growing momentum of the City’s life science cluster and supporting the creation of nearly 1,500 quality jobs.”
Read the full announcement at NYCEDC.com