{"id":1004752595,"date":"2025-03-31T04:23:12","date_gmt":"2025-03-31T12:23:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004752595"},"modified":"2025-03-31T05:58:58","modified_gmt":"2025-03-31T13:58:58","slug":"gfp-lands-138m-refi-for-nyc-life-science-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gfp-lands-138m-refi-for-nyc-life-science-building\/","title":{"rendered":"GFP Lands $138M Refi for NYC Life Science Building"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/InnoLabs.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"657\" data-attachment-id=\"1004752599\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-138m-refi-for-nyc-life-science-building\/innolabs\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/InnoLabs-e1743420128166.jpg\" data-orig-size=\"640,657\" 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;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"InnoLabs\" data-image-description=\"&lt;p&gt;Exterior shot of InnoLabs, an office building rising six stories. The facility has a white fa\u00e7ade.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;InnoLabs is the result of the adaptive reuse of a 1930s warehouse, which saw the addition of a four-story overbuild and two new six-story ground-up components. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/InnoLabs-e1743420128166.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/InnoLabs-e1743420128166.jpg?w=640\" alt=\"Exterior shot of InnoLabs, an office building rising six stories. The facility has a white fa\u00e7ade.\" class=\"wp-image-1004752599\" style=\"width:auto;height:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/InnoLabs-e1743420128166.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/InnoLabs-e1743420128166.jpg?resize=292,300 292w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">InnoLabs is an adaptive reuse of a 1930s warehouse, which saw the addition of a four-story overbuild and two new six-story ground-up components.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>GFP Real Estate has obtained a $137.5 million refinancing loan for InnoLabs, a 266,791-square-foot office and life science building in Long Island City, within the Big Apple\u2019s Queens borough, according to CommercialEdge information. Deutsche Bank Trust Co. Americas is the lender.<\/p>\n\n\n\n<p>Designed by Perkins + Will, the LEED Gold-certified property is an adaptive reuse project of a 1930s warehouse. GFP Real Estate completed the conversion in a partnership with King Street Properties, one of the building&#8217;s tenants.<\/p>\n\n\n\n<p>GFP Real Estate acquired the asset in May 2019 from Abro Management for $31.4 million, the same data provider shows. Previous financing includes a $114 million loan from ACORE Capital originated in 2023 and a $152.1 million construction note from 2019 from the same lender.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/the-most-active-life-sciences-markets-in-the-us\/\">The Most Active Life Science Markets in the US <\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Located at 45-18 Court Square, the transit-oriented building is 3 miles from Midtown Manhattan and less than 13 miles from JFK International Airport. Jersey City, N.J., is within 8 miles.<\/p>\n\n\n\n<p>The Class A facility has floorplates ranging from 3,904 to 47,791 square feet and includes an event space, lobby-level caf\u00e9 and locker rooms. The building also has four loading bays and two passenger elevators. The initial logistics hub saw the addition of a four-story overbuild and two six-story expansions, increasing the footprint from 160,000 square feet to its current size.<\/p>\n\n\n\n<p>Long Island City\u2019s office vacancy rate at the end of last year clocked in at 14.5 percent, decreasing 20 basis points quarter-over-quarter, according to a Cushman &amp; Wakefield report. The overall asking rate in the last quarter of 2024 was $32.8 per square foot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deutsche Bank Trust Co. Americas originated the loan, according to CommercialEdge information.<\/p>\n","protected":false},"author":3355,"featured_media":1004752605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[32791,42380,35805],"class_list":["post-1004752595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-deutsche-bank","tag-gfp-real-estate","tag-king-street-properties"],"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>GFP Lands $138M Refi for NYC Life Science Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"GFP Real Estate obtained $137.5 million in refinancing for InnoLabs, a life science building in Long Island City, N.Y., CommercialEdge shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-138m-refi-for-nyc-life-science-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GFP Lands $138M Refi for NYC Life Science Building\" \/>\n<meta property=\"og:description\" content=\"GFP Real Estate obtained $137.5 million in refinancing for InnoLabs, a life science building in Long Island City, N.Y., CommercialEdge shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-138m-refi-for-nyc-life-science-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-31T12:23:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-31T13:58:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/InnoLabs-43.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"636\" \/>\n\t<meta property=\"og:image:height\" content=\"477\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-138m-refi-for-nyc-life-science-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gfp-lands-138m-refi-for-nyc-life-science-building\/\",\"name\":\"GFP Lands $138M Refi for NYC Life Science Building - 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