Adams Clinical Takes 7K SF at Simone’s 1200 Waters Place in the Bronx
By Isabelle Durso August 21, 2024 5:45 pm
reprints
Adams Clinical came to a conclusion on its new New York City research space.
The research facility signed a 7,236-square-foot lease on the third floor of Simone Development Companies’ 1200 Waters Place in the Bronx for its new Davis Clinical site, according to Simone. The space will become part of the developer’s sprawling 42-acre, 1.4 million-square-foot Hutchinson Metro Center campus.
Simone declined to provide the length of the lease, only saying it was a “long-term” deal, or the asking rent. A report from Cushman & Wakefield found industrial rents in the outer boroughs averaged $28.21 per square foot during the second quarter of 2024.
“Adams Clinical’s new Davis site is an excellent addition to our vibrant scientific community here at the Hutchinson Metro Center, and we look forward to supporting their vital research and innovation efforts,” Simone President Joe Simone said in a statement. “Our mixed-use campus of medical, office, retail, hospitality and academic space is the perfect home for this type of cutting-edge work.”
Simone handled the deal in-house, while Lee & Associates NYC’s Kenneth Salzman brokered the deal for Adams along with the Revise Group. Spokespeople for Revise and Salzman did not immediately respond to requests for comment.
Headquartered in Watertown, Mass., Adams specializes in psychiatric and neurological drug development, and its location at the three-story 1200 Waters Place will be its second in New York. The 433,000-square-foot building includes amenities such as a courtyard, a fitness center, a conference center and free parking.
Simone’s Hutchinson Metro Center is home to more than 80 educational, medical and government tenants, including Mercy College, ENT and Allergy Associates, Montefiore Hospital, the New York City Housing Authority and the Internal Revenue Service, among others.
In June 2017, The New Jewish Home, a senior health and day services center, signed a 20-year deal for 49,739 square feet on the first and second floors of 1200 Waters Place, Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
