NYU Langone Health recently finalized a lease agreement for 105,000 square feet of life sciences space at Innolabs in Long Island City in Queens. This agreement will result in NYU Langone relocating four research programs to the property at 45-18 Court Square sometime in 2024. Occupying more than one-third of the available space, this move represents a significant portion of the development.

The programs scheduled for relocation include NYU Langone’s Neuroscience Institute and the Institute for Systems Genetics, which are currently housed at 435 E. 30th St. Additionally, NYU Langone intends to establish the NYU Tandon School of Engineering’s Biomedical Engineering Program within the 267,000-square-foot Innolabs.

Innolabs — a joint venture between King Street Properties and GFP Real Estate — already accommodates Opentrons, which is a biotechnology company occupying 94,000 square feet of space.

“This move is significant as it demonstrates the vitality of Long Island City as part of NYU’s life sciences ecosystem, as well as being a catalyst for its continued growth,” said Ed Jaram, senior director of King Street Properties.

Universities & Hospitals Bolster NYC Life Sciences Real Estate Amidst Challenging 2023

In 2023, New York City’s life sciences market — boasting more than 3 million square feet of life sciences space — experienced a slowdown following a post-pandemic surge. Specifically, leasing activity decreased in both volume and asking rents, mirroring challenges observed in other major markets, like Boston and San Francisco.

The recent sale of a former Pfizer headquarters by Alexandria Real Estate Equities provides insight into the complexities within New York City’s life sciences market, prompting a strategic pivot away from redevelopment efforts.

Despite these challenges, the city’s life sciences leasing market demonstrates resilience with institutional tenants — such as universities and hospitals — playing a significant role. Notably, Weill Cornell Medicine’s 200,000-square-foot lease at 1334 York Ave. contributed to last year’s lease volume, thereby reflecting the enduring influence of institutions in driving leasing activity.

Looking for office spaces with lab space for lease? Start your search on CommercialSearch. Filter by location, price, and amenities or explore major office markets across the U.S.

Office space in NewarkOffice space in HoustonOffice space in Chicago
Office space in Fort LauderdaleOffice space in Jersey CityOffice space in Los Angeles
Office space in New York CityOffice space in DallasOffice space in San Francisco
Office space in San AntonioOffice space in PhoenixOffice space in San Diego
Office space in ManhattanOffice space in AtlantaOffice space in Washington, D.C.
Office space in OaklandOffice space in CharlotteOffice space in Las Vegas
Office space in Fort WorthOffice space in AustinOffice space in Seattle
Office space in San JoseOffice space in IrvineOffice space in Philadelphia
Office space in The WoodlandsOffice space in BostonOffice space in Denver
Office space in PittsburghOffice space in BrooklynOffice space in Queens
Office space in PortlandOffice space in MiamiOffice space in Arlington