It might come as a surprise to some that there is an increasing demand for usable space for science labs in the New York City area, particularly space for life sciences. While it is easy to assume that this manner of work will take place largely in hospitals or on college campuses, in an area such as this, with community-wide efforts to improve human quality of life as well as the environment centered around human life, continuing research and more space to do it has come into very high demand, and rather than build new labs, converting existing structures has been the more common move.
Just across the river from Midtown Manhattan, Long Island City is the site of one of the latest endeavors of this type, InnoLabs Life Sciences Facility. JLL Capital Markets has secured $156 million in financing for 45-18 Court Square, intending to refit it into a suitable property for a full life sciences lab and research facility.
What Can You Expect of a Project Like 45-18 Court Square?
Currently, the Court Square property includes a 6-story office building with a freight elevator and a basement large enough for storage and equipment. It has more than 160,000 square feet of usable space, as well as another potential 100,000+ square feet of usable space.
The intent is to convert this into a “purpose-built” lab facility with a few significant changes, such as:
- Building a 4-story addition above the 2-story annex; and
- Two ground-up additions on top of vacant parking lots, each 6 stories in height.
Are There Certain Qualities a Building Needs to Be Suitable for Lab Setups?
A number of properties like 45-18 Court Square need upgrades and adjustments to be safe spaces for lab areas, to include improved electricals, making available loading areas, proper and safe ventilation, and more. The Court Square location, sources report, has several of characteristics going for it that already make it an attractive spot to start building, including:
- Quality and type of floor plates already present in existing structures;
- The freight elevator setup, which makes transporting sensitive equipment and specimens much easier;
- Its sizeable basement for storage; and
- Ample square footage of developable space.
Its central location in Long Island City is another characteristic that investors are hoping will make the finished property especially useful as this industry continues to boom.
For Completion, What Remains to Be Done?
For bidders considering this or similar projects, the nature of the various tasks to be completed is present in the relevant details: Any firm taking this on can expect some refurbishing of existing systems, such as electrical and plumbing, including the need to ensure that sources of backup power can be secured. Multiple-story additions that meet the same standards as the rest of the facility are also on the docket. Firms are encouraged to keep a weather eye on the horizon for further updates. With continuing demand for lab research space in the metro area, Court Square will come up again, and so will similar opportunities.