NYC's Life Sciences: Construction, Real Estate & Development

A Finger on The Pulse of NYC’s Life Sciences Sector

“Manhattan has probably the best talent in the world…In terms of scientists, researchers and medical professionals, between Mount Sinai, NYU, Columbia, Lenox Hill, Rockefeller, Memorial Sloan Kettering, you have the brightest minds in the world right here. This is where the science begins.”  – Thomas Ahn, Vice President for Real Estate at Mount Sinai Health System and Icahn School of Medicine.

New York City has done much to position itself as a global leader in the life sciences sector over the last decade, starting with the development of the Alexandria Center for Life Science-New York City on the East Side of Manhattan in 2010. Mayor de Blasio’s $500 million life science initiative – LifeSci NYC – in 2016 was yet another major proponent for growth (which you can read more about in a previous blog post here).

The City’s goal in initially spurring the expansion of the life sciences industry was to attract and retain corporations that could meet the increasing healthcare demands of an aging populace.

Then, coronavirus hit.

In March of 2020, the immense significance of healthcare innovation was brought to light all over the globe. As more and more people began working from home, the need for traditional office space decreased dramatically, and the life sciences sector started to boom. A critical need for biotech and pharmacological innovations called for more and more real estate across the NY-metro area. Not surprisingly, NYC rose to the challenge.

Life Science Projects by Talisen Construction & Taconic Partners 

With one finger always on the pulse of our City, Talisen Construction spearheaded several life sciences builds in recent years. Perhaps the most notable being the addition of a 15,000 square foot wet lab and office space for Hibercell at Hudson Research Center’s 619 W 54th Street. Talisen also completed a build for the New York Stem Cell Foundation at the same location, partnering up with Taconic Partners for each of these essential projects.

NYC’s Life Sciences Real Estate 

Taconic Partners is a NY landlord with a firm footprint in the life sciences space, which Commercial Observer described as, “an increasingly attractive, COVID-proof investment opportunity.”

Taconic’s senior vice president Matthew Weir has been carving out a life sciences hub on Manhattan’s West Side since completing the NY Stem Cell Foundation project in 2016, and Weir’s pursuits shows no sign of slowing down.

Queens’ Long Island City (LIC) is yet another locale bustling with life sciences activity. “Every week, a developer is buying a building to convert to life science,” said Joshua King, an executive managing director at Cushman & Wakefield. King and his colleagues reported to the New York Times that they are taking calls from landlords contemplating office-to-lab renovations.

New Medicine, Healthier Communities & A Stronger Economy 

These life sciences clusters located throughout New York City present an amazing opportunity to research and create new approaches to medicine, promote healthier communities, and build a stronger economy. In fact, NYCEDC projects the current life sciences boom to expand to over 3 million sq. ft. of new life sciences spaces within the next ten years, with thousands of jobs and dozens of cures resulting in the process.

Interested in Developing a Life Sciences Space in NYC? 

Talisen Construction is offering free budgeting to clients interested in developing a life sciences space in the NY-metropolitan area. Let’s start a conversation. Contact us today!

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