NYU Langone Leases 105K SF at Innolabs in LIC
By Mark Hallum March 4, 2024 1:28 pm
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NYU Langone Health has signed a 105,000-square-foot lease for life sciences space in Long Island City, Queens.
The health system will be moving four of its research programs to Innolabs, a joint venture between King Street Properties and GFP Real Estate, at 45-18 Court Square sometime in 2024, the landlord announced.
King Street Properties declined to disclose the length of the lease, the brokers in the deal or the asking rent, but a CBRE report on the fourth quarter of 2023 placed the average asking rent for lab space in Manhattan at $106.41 per square foot.
A spokesperson for GFP confirmed the deal but declined further comment.
NYU Langone Health is the academic and hospital facility of New York University. NYU will relocate the Neuroscience Institute and the Institute for Systems Genetics, both currently located at 435 East 30th Street, as well as the Tech 4 Health Institute at 433 First Avenue.
It will also launch NYU Tandon School of Engineering’s Biomedical Engineering Program out of the 267,000-square-foot Long Island City development.
“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,” Ed Jaram, senior director of King Street Properties, said in a statement.
Other tenants in the building include Opentrons, a robotic company that caters to biologists, which occupies 94,000 square feet after doubling its footprint in April 2022 only a year after initially leasing space in the property.
Mark Hallum can be reached at mhallum@commercialobserver.com.
