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Deals & Dealmakers

New York Stem Cell Foundation signs lease for 619 West 54th Street space

Taconic Investment Partners and The New York Stem Cell Foundation (NYSCF) announced that they have signed a multi-year lease for 42,000 s/f at Taconic’s 619 West 54th Street.

JRT Realty Group, a strategic alliance partner with Cushman & Wakefield, is the exclusive leasing agent for the 10-story, 333,000 s/f Art Deco commercial property and Greg Smith, Ellen Israel, and Kristen Morgan represented ownership in the transaction.

NYSCF was represented by Stephen Siegel and Gary Kamenetsky of CBRE, and legal representation by Joshua Stein and Lauren Silk of Joshua Stein PLLC.

NYSCF, a world leader in stem cell research and the development of pioneering stem cell technologies, will create a new state-of-the-art laboratory and research facility including office space, consolidating its current operations from two sites into one central location.

NYSCF leased the entire third floor (32,512 s/f) and a portion of the 2nd floor at the property.

“As we expand NYSCF to make room for new collaborations and further cutting-edge research, we are excited to help develop and strengthen midtown Manhattan as a major biotechnology hub.” said Susan Solomon, NYSCF CEO and Co-founder.

“Bringing together our laboratory and office at 619 West 54th allows us to not only physically grow our footprint, but also expand our technological capacities and programs, a fitting step for NYSCF as the organization celebrates its tenth anniversary.”

619 West 54th Street is currently home to medical and research tenants like Roosevelt Surgery Center and The Rogosin Institute, along with other office tenants in the building. The historic property features 20-foot column spacing and 11.5-foot ceiling heights with natural light from north, south and western exposures, and views of the Hudson River and Midtown West overlooking DeWitt Clinton Park.

“The New York Stem Cell Foundation will create dozens of jobs at its new state-of-the-art laboratory, research facility and office space in Manhattan,” said Empire State Development President, CEO & Commissioner Howard Zemsky.

Taconic’s modernization initiative at the property includes a recently launched new marketing center and total renovation of the lobby, entrance, and elevators.

In addition, the building includes upgraded common areas, corridors, and restrooms, and added accent lighting to highlight the building’s unique Art Deco crown.

Tenants have access to the property’s brand-new bike room, complete with showers, as well as an onsite gated parking lot.

“The New York Stem Cell Foundation is an excellent addition to 619 West 54th Street’s impressive array of tenants and the building is perfectly suited to accommodate their variety of uses and the infrastructure required for their new lab and research center,” said Paul Pariser, Co-CEO of Taconic Investment Partners.

Taconic is now offering an 80,000 s/f office penthouse on the combined partial 8th and entire 9th & 10th floors with a dedicated elevator to a 3,000 s/f private roof terrace.

The penthouse and terrace feature protected views in every direction including to the south over DeWitt Clinton Park and to the west over the Hudson River.

Asking rents at the property are in the high $50 dollars psf for lower floors and high $60 dollars per square foot on the upper floors.

The Midtown West neighborhood has become a sought-after live-work destination in recent years, with the addition of the nearby Mercedes House, One Riverside Park, and VIA 57 West, designed by Bjarke Ingels.

A joint venture led by Georgetown Company and Pershing Square Capital recently closed on the adjacent Ford Motor Company building at 787 11th Avenue and is expected to use a portion of the commercial space for Pershing Square Capital’s new executive headquarters.

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