{"id":2783,"date":"2024-03-21T05:50:58","date_gmt":"2024-03-21T05:50:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=2783"},"modified":"2024-03-21T05:51:19","modified_gmt":"2024-03-21T05:51:19","slug":"nyu-langone-lease-long-island-city","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/nyu-langone-lease-long-island-city\/","title":{"rendered":"NYU Langone Secures 105KSF Lease in Long Island City"},"content":{"rendered":"

NYU Langone Health recently finalized a lease agreement for 105,000 square feet of life sciences space at Innolabs in Long Island City<\/a> 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.<\/p>\n

The programs scheduled for relocation include NYU Langone\u2019s 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\u2019s Biomedical Engineering Program within the 267,000-square-foot Innolabs.<\/p>\n

Innolabs \u2014 a joint venture between King Street Properties and GFP Real Estate \u2014 already accommodates Opentrons, which is a biotechnology company occupying 94,000 square feet of space.<\/p>\n

\u201cThis move is significant as it demonstrates the vitality of Long Island City as part of NYU\u2019s life sciences ecosystem, as well as being a catalyst for its continued growth,\u201d said Ed Jaram, senior director of King Street Properties.<\/p>\n

Universities & Hospitals Bolster NYC Life Sciences Real Estate Amidst Challenging 2023<\/h2>\n

In 2023, New York City\u2019s life sciences market<\/a> \u2014 boasting more than 3 million square feet of life sciences space \u2014 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.<\/p>\n

The recent sale of a former Pfizer headquarters by Alexandria Real Estate Equities provides insight into the complexities within New York City\u2019s life sciences market, prompting a strategic pivot away from redevelopment efforts.<\/p>\n

Despite these challenges, the city\u2019s life sciences leasing market demonstrates resilience with institutional tenants \u2014 such as universities and hospitals \u2014 playing a significant role. Notably, Weill Cornell Medicine\u2019s 200,000-square-foot lease at 1334 York Ave. contributed to last year\u2019s lease volume, thereby reflecting the enduring influence of institutions in driving leasing activity.<\/p>\n

Looking for office spaces with lab space for lease? Start your search on CommercialSearch<\/a>. Filter by location, price, and amenities or explore major office markets across the U.S.<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
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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\u2019s 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\u2019s Biomedical…<\/p>\n","protected":false},"author":3163,"featured_media":2787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news"],"acf":[],"yoast_head":"\nNYU Langone Health Inks Lease at Innolabs in Long Island City<\/title>\n<meta name=\"description\" content=\"NYU Langone Health secures 105,000 sq ft at Innolabs, Long Island City, relocating four research programs.\" \/>\n<meta name=\"robots\" content=\"index, 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