{"id":1004687833,"date":"2023-10-30T02:57:56","date_gmt":"2023-10-30T10:57:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004687833"},"modified":"2023-10-30T14:57:22","modified_gmt":"2023-10-30T22:57:22","slug":"georgetown-beacon-to-develop-manhattan-life-science-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/georgetown-beacon-to-develop-manhattan-life-science-building\/","title":{"rendered":"Georgetown, Beacon to Develop Manhattan Life Science Building"},"content":{"rendered":"<div id=\"attachment_1004687863\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Georgetown-707-11th-Ave-Final-e1698663087723.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004687863\" data-attachment-id=\"1004687863\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/georgetown-beacon-to-develop-manhattan-life-science-building\/georgetown-707-11th-ave-final\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Georgetown-707-11th-Ave-Final-e1698663087723.jpg\" data-orig-size=\"4179,3134\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1685047125&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Georgetown 707 11th Ave Final\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;707 11th Ave. is designed to achieve LEED Gold and WELL certifications. Rendering courtesy of The Georgetown Co.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Georgetown-707-11th-Ave-Final-e1698663087723.jpg?w=1024\" class=\"wp-image-1004687863 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Georgetown-707-11th-Ave-Final-e1698663087723.jpg?w=300\" alt=\"Rendering of upcoming life science facility at 707 11th Ave.\" width=\"300\" height=\"225\" \/><\/a><p id=\"caption-attachment-1004687863\" class=\"wp-caption-text\">707 11th Ave. is designed to achieve LEED Gold and WELL certifications. <em>Rendering courtesy of The Georgetown Co.<\/em><\/p><\/div>\n<p><strong>The Georgetown Co.<\/strong> will expand its life science portfolio in Manhattan\u2019s Far West Side with a new, 185,000-square-foot facility. The developer, alongside <strong>Beacon Capital Partners<\/strong>, plans to start construction in summer 2024 and bring the property online in 2026.<\/p>\n<p>Georgetown, in partnership with Beacon Capital and <strong>CalSTRS<\/strong>, acquired the property at 707 11th Ave. in 2022. According to CommercialEdge data, the partnership bought the asset for $95 million from <strong>SL Green<\/strong>, and funded its acquisition with a $60 million loan, provided by <strong>ACORE Capital Debt Funds<\/strong>. The site is home to an existing 160,000-square-foot office building, which Georgetown will redevelop.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/life-science-market-to-bounce-back-jll\/\">Life Science Market to Bounce Back: JLL<\/a><\/p>\n<hr \/>\n<p><strong>Elkus Manfredi<\/strong> designed the upcoming life science facility. The project has also received support from the New York City Industrial Development Agency that\u2019s managed by the New York City Economic Development Corp. <strong>JLL<\/strong> will serve as leasing broker.<\/p>\n<p>The seven-story facility will include floorplates starting at 31,000 square feet and can accommodate purpose-built laboratory, research and office space for its tenants. Georgetown is also planning to include private terraces and a lobby that\u2019s anchored by a day-to-night cafe and wine bar. Tenants will also have access to the building\u2019s amenities, which include a multipurpose conference facility, shower room, breakout areas and bike storage. The developers are aiming for LEED Gold and WELL certifications, which will be supported by the building\u2019s rooftop solar panels.<\/p>\n<h2>NYC&#8217;s growing life science hub<\/h2>\n<p>Jonathan Schmerin, managing principal at Georgetown, said in prepared remarks that the Far West Side neighborhood is becoming a hub for life science investment and research. Along with the upcoming 707 11th Ave., Georgetown previously developed the nearby 787 11th Ave. into a 10-story mixed-use life science building. The company redeveloped the building that was originally developed in 1929 and has since secured <a href=\"https:\/\/www.commercialsearch.com\/news\/georgetown-lands-200-ksf-in-manhattan-life-science-leases\/\">Mount Sinai<\/a> as an anchor tenant, which has taken up 165,000 square feet. Earlier this month, Mount Sinai opened up its <a href=\"https:\/\/www.commercialsearch.com\/news\/mount-sinai-opens-150-ksf-research-lab-in-manhattan\/\">Discovery and Innovation Center<\/a> at Georgetown\u2019s life science building, after signing the lease back in 2021.<\/p>\n<p>While Georgetown has been solidifying its life science presence in Manhattan, the developer\u2019s portfolio also includes other commercial, retail and mixed-use properties across the U.S. In February 2022, Georgetown acquired the <a href=\"https:\/\/www.commercialsearch.com\/news\/the-georgetown-co-buys-hollywood-media-campus-for-93m\/\">Hollywood Media Campus<\/a> in Los Angeles for $93 million. The 3.5 million-square-foot office campus is fully leased to Netflix.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partnership acquired the asset for $95 million last year.<\/p>\n","protected":false},"author":883,"featured_media":1004687863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1600,21742,10,21747],"tags":[34128,38482,32796,39276],"class_list":["post-1004687833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-new-york","category-latest","category-northeast","category-office","tag-beacon-capital-partners","tag-elkus-manfredi-architects","tag-jll","tag-the-georgetown-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Georgetown, Beacon to Develop Manhattan Life Science Building - 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