New York Genome Center Continues Downtown Tech Push, Expanding Into LEED-Hopeful 101 Avenue of the Americas

In another major deal for New York City’s technology sector, the New York Genome Center has signed a 20-year lease for 170,000 square feet at 101 Avenue of the Americas, a 23-story, 425,000-square-foot LEED-EB: O&M Silver-hopeful tower in Hudson Square.

Edward Minskoff (whose LEED-hopeful 51 Astor Place is under construction) has announced that the not-for-profit New York Genome Center has signed a 20-year lease for 170,000 square feet at 101 Avenue of the Americas, the developer’s 23-story, 425,000-square-foot LEED for Existing Buildings: Operations & Maintenance Silver-hopeful tower in Hudson Square.

NYGC’s headquarters and laboratory facilities will be located on the first seven floors of the post-modern building after a $47 million build-out, which should be completed sometime in the middle of 2013. The facility will include sequencing, bioinformatics, research labs, an innovation center for new tecnologies, and extensive computing infrastructure. With a ground-floor auditorium, training facilities, and a cafe, NYGC will eventually accommodate up to 500 employees. Its charge will be to leverage New York City’s research and academic institutions by serving as a point of collaboration for the tech, pharmaceutical, and IT industries, catalyzing innovation and start-up organizations.

“Thanks to our world-class universities, medical research centers, and pharmaceutical companies, New York is already a global leader in the commercial life sciences,” Mayor Bloomberg said in a press release. “The New York Genome Center will make us even more of a world leader in the life sciences, in much the same way that the applied sciences campuses we’re developing on Roosevelt Island and in Downtown Brooklyn will further solidify New York’s leadership in the tech sector.”

“This deal continues to validate the fact that New York City has become a hub for biotech and life sciences not only nationally, but globally,” a NYGC spokesperson said. “Tenants like NYGC are attracted to New York City because of all of the benefits and features that the city brings, but also because of the robust intellectual capital base we have, which is unparalleled probably anywhere else in the world.”

101 Avenue of the Americas is somewhat unique in the Hudson Square submarket: it was constructed recently – between 1990 and 1992 – and, on top of that, was recently renovated, so its infrastructure and technology are more advanced than many of the pre-war buildings that make up the submarket’s building stock. For example, the reinforced concrete structure features a building management system that utilizes direct digital control technology to monitor and optimize all building systems and energy consumption.

Asking rent for NYGC’s space was rumored to be between $70 and $85 per square foot; Mr. Minskoff’s firm is contributing nearly $9 million to NYGC’s tenant improvements.

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